What is the Emerging Issues Task Force (EITF)?

The Emerging Issues Task Force (EITF) is an organization formed by the Financial Accounting Standards Board (FASB) in 1984 to identify, discuss and resolve financial accounting issues with an aim to improve financial reporting. The EITF, consisting primarily of accountants from large public firms as well as the chief accountant of the SEC, identifies and resolves accounting issues through uniform practices and methods.