At a meeting last week, the Financial Accounting Standards Board Emerging Issues Task Force (EITF) considered how entities should account for limited partnership investments in low-income housing tax credit (LIHTC) projects. By a majority vote, the group agreed to expose for comment a change that would allow effective yield accounting for LIHTC investments when a guarantee is not provided when certain criteria are met. More about this development and related background information can be found on the Notes from Novogradac blog.