SUMMARY
At its meeting on June 11, the Emerging Issues Task Force (EITF
or Task Force) discussed six issues and reached two final
consensuses and three consensuses-for-exposure.
The Task Force reached a final consensus on Issue 13-A,
Inclusion of the Fed Funds Effective Swap Rate (or Overnight
Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting
Purposes, which would add the Fed Funds Effective Swap Rate to
the benchmark interest rates permitted for hedge accounting
purposes under FASB Accounting Standards
Codification® (ASC) 815, Derivatives and
Hedging.
Also, the EITF reached a final consensus on Issue 13-C,
Presentation of an Unrecognized Tax Benefit When a Net
Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit
Carryforward Exists, deciding that an entity would be required
to present an unrecognized tax benefit and an NOL carryforward, a
similar tax loss, or a tax credit carryforward on a net basis as
part of a deferred tax asset,
