Emerging Issues Task Force definition
/What is the Emerging Issues Task Force?
The Emerging Issues Task Force (EITF) is a committee of the Financial Accounting Standards Board (FASB), charged with issuing timely implementation guidance relating to the Accounting Standards Codification. The EITF deals with issues that are too narrow in scope for the FASB, and which can be resolved within the existing framework provided by generally accepted accounting principles. The consensus positions of the EITF are included in the Accounting Standards Codification. These consensus positions prevent divergent accounting practices from being implemented. The EITF was formed in 1984.