FINANCIAL REPORTING
FASB’s Emerging Issues Task Force issued a draft abstract
intended to improve the comparability of earnings per unit
calculations for master limited partnerships. The abstract addresses
how current-period earnings of a master limited partnership should be
allocated to general partners, limited partners, and, when applicable,
incentive distribution rights, when applying EITF Issue no. 07-4,
Application of the Two-Class Method Under FASB Statement No.
128, Earnings per Share, to Master Limited Partnerships.
Comments on the abstract were due Feb. 8 and are scheduled to be considered by the task force at its meeting March 12–13. The draft is available at www.fasb.org/eitf/0704DA2.pdf.
