Which organization is responsible for issuing Emerging Issues Task Force Statements?
A) The FASB
B) The CAP
C) The APB
D) The SEC

Question

Quizplus · Accepted Answer

The Emerging Issues Task Force (EITF) is a committee of the Financial Accounting Standards Board (FASB) and is responsible for issuing EITF Statements. Therefore, choice A is the correct answer. The CAP (Choice B) refers to the Committee on Accounting Procedure, which was a previous standard-setting body that preceded the FASB. The APB (Choice C) refers to the Accounting Principles Board, which was also a previous standard-setting body that preceded the FASB. The SEC (Choice D) is a government agency that oversees financial markets, but it does not issue EITF Statements.

Which Organization Is Responsible for Issuing Emerging Issues Task Force