But after considering comments it received in response to an October 2010 exposure draft (ED) that reflected the EITF
's consensus-for-exposure on Issue No.
99-20-1, Amendments to the Impairment Guidance of EITF
In addition, because EITF
consensuses are already in category (c), the FASB concluded that FASB staff announcements contained in EITF-D Topics should have the same authority as EITF
consensuses and, therefore, are now part of category (c) GAAP.
Written comments will be considered by the EITF
at the June 14-15 EITF
Dilemma: The IRS's current position on this issue is that taxpayers must report cooperative advertising reimbursements as an item of income (or, possibly, a reduction of advertising expenses), thus creating a book-tax reporting difference, because taxpayers have to comply with EITF
In its consensus, the EITF
addressed certain fundamental recognition and measurement problems accountants face when dealing with environmental losses.
concluded that generally remediation costs should be an item of expense.
At first EITF
considered stipulating an equity level test.
was formed by the Financial Accounting Standards Board (FASB) in 1984 to "promulgate implementation guidance within the framework of existing authoritative literature to reduce diversity in practice on a timely basis." As the FASB's primary interpretative body, the EITF
follows a due process in identifying, discussing, and resolving issues that arise from the interpretation and application of existing U.S.
However, the lower levels, such as EITF
results from level C, cannot be ignored.
The requirements of EITF
00-19 indicate that the balance sheet classification of the warrants in this instance should be classified as liability as opposed to equity, and should be measured at fair value.