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Predict the role of the EITF should the accounting profession adopt one (1) global set of accounting standards.

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Predict the role of the EITF should the accounting profession adopt one (1) global set of accounting standards.

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If IFRS is adopted as the global accounting standard, the EITF will have to reorganize based on the new standards. The main role of the EITF is to assist the FASB in improving financial reporting, and the EITF does this by the identification, discussion, and resolution of accounting issues that arise from FASB Codification. Basically, the EITF will have to be allotted a period of time where they can become familiar with all ...

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