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EITF DEFERS APPROVAL OF GAAP AMENDMENTS FOR LIHTC INVESTMENTS

Friday, September 13, 2013 - 7:00AM

The Financial Accounting Standards Board’s Emerging Issues Task Force (EITF) today deferred approval of revised standards that would allow investors to use a “proportional amortization” (as opposed to effective yield) method to recover the cost of their investments in LIHTCs “below the line.” At this morning’s meeting, EITF directed staff to alter the language to be more consistent with the equity method of accounting guidance and discussed several other potential changes to the proposed standards. The next regularly scheduled meeting at which the EITF could approve revised GAAP standards is Nov. 14.

For a more detailed discussion of the meeting, check out the Notes from Novogradac blog. The meeting will also be discussed in the Sept. 17 Tax Credit Tuesday podcast.

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