FASB Appoints Members of Newly Reconstituted EITF

The FASB has announced that it has appointed the members of the newly reconstituted Emerging Issues Task Force (EITF or “Task Force”), an organization whose mission is “to assist the FASB in improving financial reporting through the timely identification and development of proposed solutions to address narrowly scoped financial accounting issues within the framework of the FASB Accounting Standards Codification®.” In addition to revising the EITF’s membership composition, the Board streamlined the Task Force’s operating procedures. Under the new procedures, the EITF will be able to, among other things, “manage its own agenda and accept potential agenda requests directly from external stakeholders.”

For more information, see the press release on the FASB’s Web site.