Accounting Research Tool

March 2022

EITF Snapshot
March 2022
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Summary of the March Meeting of the Emerging Issues Task Force

This EITF Snapshot summarizes the March 24, 2022, meeting of the Emerging Issues Task Force (“EITF” or “Task Force”). Initial Task Force consensuses (consensuses-for-exposure) are exposed for public comment upon ratification by the Financial Accounting Standards Board (FASB). After the comment period, the Task Force considers comments received and redeliberates the issues at a scheduled meeting to reach a final consensus. Those final consensuses are then provided to the FASB for final ratification and, ultimately, issuance as an Accounting Standards Update (ASU).


FASB Accounting Standards Update No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects — a consensus of the FASB Emerging Issues Task Force.
For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB Accounting Standards Codification.”
Criterion (a) states, “It is probable that the tax credits allocable to the investor will be available.”
Criterion (b) states, “The investor’s projected yield based solely on the cash flows from the tax credits and other tax benefits is positive.”
Criterion (c) states, “The investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the investor’s liability is limited to its capital investment.”
Criterion (aa) states, “The investor does not have the ability to exercise significant influence over the operating and financial policies of the limited liability entity.”
Criterion (aaa) states, “Substantially all of the projected benefits are from tax credits and other tax benefits (for example, tax benefits generated from the operating losses of the investment).”
FASB Accounting Standards Update No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting.
FASB Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting.