Emerging Issues Task Force (EITF) is responsible for assisting the Financial Accounting Standards Board (FASB) by suggesting appropriate treatments for emerging accounting issues and practices to accelerate standard-setting processes.
The Urgent Issues Task Force (UITF) is a body responsible for providing timely guidance on new or emerging accounting issues that may not yet be addressed sufficiently by existing standards.
The Urgent Issues Task Force (UITF) was established in 1991 as part of the Accounting Standards Board. It was responsible for tackling urgent matters not covered by existing standards, especially where the customary standard-setting process could not be applied due to time constraints. The UITF was disbanded in 2012 as part of the reform of the Financial Reporting Council.
