United States

Defining Issues: EITF Reaches Two Final Consensuses

Jun 13, 2013
From the Financial Reporting View

The FASB's Emerging Issues Task Force (EITF) discussed six issues at its June 11, 2013, meeting and reached final Consensuses on two issues: inclusion of the fed funds effective swap rate (or overnight index swap rate) as a benchmark interest rate for hedge accounting purposes; and presentation of an unrecognized tax benefit when a net operating loss carryforward or tax credit carryforward exists.

Additionally, the EITF reached three Consensuses-for-Exposure: accounting for the difference between the fair value of the assets and the fair value of the liabilities of a consolidated collateralized financing entity (re-exposure); accounting for service concession arrangements; and reclassification of collateralized mortgage loans upon a troubled debt restructuring.

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