What Is the Emerging Issues Task Force (EITF)

The Emerging Issues Task Force (EITF) is an organization formed in 1984 by the Financial Accounting Standards Board (FASB) to provide it with assistance in improving financial reporting.

Understanding the Emerging Issues Task Force (EITF)

The Emerging Issues Task Force (EITF) was designed to minimize the need for the Financial Accounting Standards Board (FASB) to spend time and effort addressing narrow implementation, application, or other emerging issues that can be analyzed within existing generally accepted accounting principles (GAAP).

It holds public meetings to identify emerging accounting issues and resolve them with a uniform set of practices before divergent methods arise and become widespread. If the task force can reach a consensus on an emerging issue, it publishes an EITF Issue and FASB takes no further action. An EITF Issue is just as valid as a FASB pronouncement and is included in GAAP.

The EITF consists mainly of accountants from the private and public sectors, as well as the chief accountant of the SEC. FASB Board members also attend EITF meetings and participate in discussions.