Assignment 1 Research Of Emerging Accou

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Assignment 1: Research of Emerging Accounting Issues

Abstract
This paper I’ll research the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB); analyze the EITF’s effectiveness with finding resolutions to emerging accounting issues by research the issues from the EITF’s “Description and Status of Current Issues” such as 9/11 and analyze at least the primary manner in which a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issues example unrecognized tax benefit.

Emerging Issues Task Force exerts upon the Financial Accounting Standards Board
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 most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board purpose of the emerging issues task force was to assist FASB in timely identification. 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. Effectiveness with finding resolutions to emerging accounting issues 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



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