Even though the FASB's Emerging Issues Task Force has no formal authority, its positions are deemed to be the equivalent of GAAP by the SEC.

Question

Quizplus · Accepted Answer

The SEC (Securities and Exchange Commission) recognizes the positions of the FASB's Emerging Issues Task Force (EITF) as authoritative, effectively making them equivalent to GAAP (Generally Accepted Accounting Principles) for entities under its jurisdiction.

Even Though the FASB's Emerging Issues Task Force Has No