The Emerging Issues Task Force of the Financial Accounting Standards Board is considering changing the generally accepted accounting practices for tax credit investments beyond the low-income housing tax credit (LIHTC), a move that could alter the landscape for investors. Michael Novogradac, CPA, and partner Brad Elphick, CPA, discuss the state of play for potential changes to the proportional amortization method for tax credits other than the LIHTC. They discuss 2014 EITF guidance for the LIHTC and how it affected the affordable housing world, then they look at the current status of the efforts to broaden the use of the proportional amortization method to other tax credits. After that, they discuss the criteria needed to use proportional amortization in LIHTC properties, diving into specifics. They wrap up by discussing possible timelines for guidance and details of a Novogradac GAAP Accounting for Tax Credit Working Group.