Editing Financial Accounting Standards Board (section)

=== Emerging Issues Task  Force ===
The FASB formed the Emerging Issues Task Force (EITF) in 1984.<ref name=" FASB Facts" /> It was formed to provide timely responses to financial issues as they emerged. The group includes 15 people from both the private and public sectors coupled with representatives from the FASB and an SEC observer.<ref name="Spiceland" /> As issues emerge, the task force considers them and tries to reach a consensus on what course of action to take. From conception until the 2003 AICPA GAAP Agreement, if consensus was reached on a topic, the group would issue an EITF Issue that was considered equivalent to a FASB pronouncement and included in GAAP.<ref name="Spiceland" />