Emerging Issues Task Force: Multiple exchange rates
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Emerging Issues Task Force (EITF) related to Accounting for Multiple Exchange Rates, Issue No. 10B. The most recent information may be found on the FASB Web site at http://www.fasb.org/home.
1. Discuss how the Emerging Issues Task Force influences Generally Accepted Accounting Standards.
2. Discuss the principal issue related to accounting for multiple exchange rates.
3. Discuss the conclusion that the EITF reached related to the issue and how it arrived at this conclusion.
4. Discuss whether or not you agree with the EITF findings and on what basis have you come to this conclusion.
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Solution Summary
The emerging issues task force for multiple exchange rates are examined.
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Introduction
The Emerging Issues Task Force (EITF) was formed in 1984 by Financial Accounting Standards Board (FASB) in response to recommendations of the FASB task force on timely financial reporting guidance (FASB, 2011). The purpose of the emerging issues task force was to assist FASB in timely identification, discussion and resolution of arising accounting issues within FASB's accounting standards framework in order to improve financial reporting. This represents the source of authoritative accounting standards that are to be employed in financial reporting. This paper discusses how EITF influences generally accepted accounting standards and discusses Emerging Issues Task Force (EITF) related to Accounting for Multiple Exchange Rates, Issue No. 10B.
How the Emerging Issues Task Force influences Generally Accepted Accounting Standards
The emerging Issues Task Force influences Generally Accepted Accounting Standards in a number of ways. The purpose of the task force is to reach consensus on how to account for unusual and new financial transactions that have the potential of creating diversity in known financial reporting procedures and practices. By discussing on new and emerging accounting issues, the task force is able to set new standards regarding the new data on how accounting reporting will be conducted upon them. The task force also makes extensive use reports generated by the accounting process to set standards for accounting practices (FASB, 2011).
EITF identifies arising financial reporting issues, suggest alternative treatments ...
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