In its first exercise of a new due process policy, the Financial Accounting Standards Board's Emerging Issues Task Force has issued three exposure drafts of proposed consensuses. The documents deal with accounting for contingently convertible, or CoCo, financial instruments, sabbaticals, and taxes.In the past, the task force has issued exposure drafts only when an issue seemed controversial or significant enough to warrant public comment. Under the new due process, all task force abstracts will be exposed for comment before being submitted to the board for final ratification.
"We understand the impact that the task force has on preparers, auditors, users and regulators," said FASB senior technical advisor Russell Golden. "We want to get their input so that we can make sure we're meeting all their needs."
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