Emerging issues task force (EITF),

Definition of Emerging issues task force (EITF):

1. The Emerging Issues Task Force (EITF) is an organization formed in 1984 by the Financial Accounting Standards Board (FASB) to provide it with assistance in improving financial reporting.

2. The Emerging Issues Task Force (EITF) was designed to minimize the need for the Financial Accounting Standards Board (FASB) to spend time and effort addressing narrow implementation, application, or other emerging issues that can be analyzed within existing generally accepted accounting principles (GAAP).

3. Under the auspices of FASB, this association tackles issues dealing with future accounting practices.