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Emerging Accounting Issues
Finance & Accounting
Pages 6 (1506 words)
Emerging Accounting Issues Name: Institution: The Financial Accounting Standards Board (FASB) is a non-profit and private organization that was formed in 1973 whose sole purpose was to develop generally accepted accounting principles (GAAP) in the United States…
These issues are supposed to be in line with the FASB Accounting Standards Codification. This paper seeks to the highlight the role of EITF and its relationship with entrepreneurial entities in the US. Question #1 The EITF was designed to publicize the implementation guidance of sound accounting principles within the framework of the Accounting Standards Codification (ASC). This was meant to reduce diversity on a timely basis, and to minimize the need for the FASB to put effort and spend time in addressing narrow implementation, and application (Wahlen, Jones, & Pagach, 2012). The EITF was meant to create more space for the FASB to delegate on other issues while the EITF dealt with consistent emerging issues that can be analyzed within the GAAP. A common relationship that exists between the FASB and EITF apart from the fact that EITF was formed from the recommendations of the FASB is the EIFT members. Members of this agency are drawn from a cross section of the FASB work force in its various constituencies. These personnel include preparers, auditors and financial statement users. The EITF is designed to act as a taskforce that constitutes individuals with the ability to identify emerging issues before they manifest themselves as widespread divergent practices that become entrenched. ...
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