What is the purpose of Emerging Issues Task Force?
A) Provide interpretation of existing standards.
B) Provide timely guidance on select issues.
C) Provide implementation guidance within the Codification framework to reduce diversity in practice on a timely basis.
D) Provide interpretive guidance

Question

Quizplus · Accepted Answer

The purpose of the Emerging Issues Task Force (EITF) is to provide implementation guidance within the Codification framework to reduce diversity in practice on a timely basis. The EITF discusses emerging accounting and financial reporting issues affecting multiple entities with the goal of issuing timely guidance to provide consistency in practice. The other options (A, B, and D) are not completely accurate, as the EITF does not primarily provide interpretation, interpretive, or timely guidance on select issues.

What Is the Purpose of Emerging Issues Task Force