The Financial Accounting Standards Board’s (FASB) Emerging Issues Task Force (EITF) recently met to discuss open issues. During the March meeting, the task force reached final consensus on two EITF issues, and arrived at consensus-for-exposure drafts on three additional issues.
The EITF reached final consensus on Issue 14-A Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions and Issue 14-B Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share during its March meeting. The FASB also decided to approve these final decisions. Both issues are expected to be issued as final Accounting Standards Updates (ASUs) during the second quarter of 2015.
The EITF also reached consensus-for-exposure draft on Issue 15-A Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets, Issue 15-B Recognition of Breakage for Prepaid Stored-Value Cards, and Issue 15-C Employee Benefit Plan Simplifications. Exposure drafts are expected to be issued by the FASB on each of these issues during the second quarter of 2015.
Learn more in this MHM Messenger: Recent Updates from the Emerging Issues Task Force.