Deloitte
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2024

October 2024

EITF Snapshot
October 2024
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Summary of the October Meeting of the Emerging Issues Task Force

This EITF Snapshot summarizes the October 28, 2024, meeting of the Emerging Issues Task Force (EITF or “Task Force”). In March 2024, the Financial Accounting Standards Board (FASB or “Board”) updated the EITF’s operating procedures. Under the new operating procedures, the initial Task Force recommendation is summarized by the FASB staff in an agenda decision memo for the Board’s discussion at a public meeting. On the basis of such discussion, the Board determines whether to add a project to the FASB’s technical agenda and votes on all substantive decisions (including a cost-benefit analysis). The Board then directs the staff to draft a proposed Accounting Standards Update (ASU) for a vote by written ballot. These decisions are expected to be made at a single meeting. After the FASB approves the draft proposed ASU, it is exposed for public comment. When the comment period ends, the FASB considers the comments received; redeliberates the issues at a public Board meeting; and, ultimately, issues a final ASU.

Footnotes

1
For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB Accounting Standards Codification.”