.....mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB)The Emerging Issues Task Force (EITF) was established with the main purpose of addressing and coming up with resolve for current issues being faced by professionals in the accounting field, which were not addressed by announcements of the Financial Accounting Standards Board (FASB). Prior to the establishment of ETIF in 1984, the FASB constantly faced challenges of not being able to offer well-timed and sensible solutions to developing practice problems. The EITF was therefore designed to disseminate and propagate carrying out guidance within the structure of the Accounting Standards Codification to decrease multiplicity when it comes down to it on a well-timed basis. In their field of profession, accountants experience a wide range of issues that are not comprehensively addressed in accounting pronouncements, and, which necessitate prompt resolve. In addition, such professionals insist that incessantly increasing body of professional statements has generated an issue of an overwork of standards. The most significant impact that the mission of the EITF applies on the FASB is to reduce the necessity for the FASB to devote time and determination addressing constricted execution, solicitation, or other developing issues that can be investigated within prevailing Generally Accepted Accounting Principles (GAAP) (FASB, n.d).
Analyze the EITF's effectiveness with finding resolutions to emerging accounting issues, and make at least two (2) recommendations as to how they could improve their effectiveness. Justify your recommendations
The EITF has to come to unanimity on a prospective solution to an issue through a voting system whereby 13 members out of the total 15 task force members have to come to an agreement prior to the publication of the solution. The Emerging Issues Task Force is quite efficacious in having swift and prompt responses to accounting issues and resolving them in comparison to the FASB. Moreover, the task force's effectiveness can be perceived in the sense that the members respond to issues in a way that is less commanding and imposing. Nonetheless, there are areas that necessitate improvement by the EITF (Herz, 2015). One of these key areas is taking less number of meetings to come up with resolutions for emerging accounting issues that arise. In particular, it should not take the EITF an excess of three meetings to address and resolves such issues. Another area...
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