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FASB Ratifies EITF 08-1 and EITF 09-3:
Major Shifts in Accounting Expected
On September 23, the FASB Board voted to ratify the EITF 08-1 and EITF 09-3 consensuses reached by the EITF at its September 9th meeting. These far-reaching standards will impact companies that have
arrangements with multiple elements (currently subject to EITF 00-21) as well as those that sell tangible
products that contain software (SOP 97-2 and SOP 98-9 will no longer apply to these arrangements).
Both of these EITF Issues will be applicable to arrangements entered into or materially modified
on or after June 15, 2010, with earlier application permitted.
EITF 08-1 - Implementation & Adoption
EITF 09-3 - Implementation & Adoption
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Tony Sondhi has been appointed