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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
What role does the EITF play in assisting the FASB with standard setting?
Explain the role of ETIF in assisting FASB with the setting of standards.
Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Emerging Issues Task Force (ETIF) is an organization formed by FASB to be responsible for assisting on new, specific accounting issues.
The major role of ETIF in assisting FASB with the setting up of standards is as follows:
- To recognize important evolving accounting issues (i...
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