Final answer:
EITF rulings are ratified by the SEC and become a part of GAAP. The EITF assists the FASB by addressing emerging financial accounting issues, and their rulings, upon SEC ratification, guide the preparation of financial statements in accordance with GAAP.
Step-by-step explanation:
EITF rulings are ratified by the Securities and Exchange Commission (SEC), and considered part of Generally Accepted Accounting Principles (GAAP). The Emerging Issues Task Force (EITF) was formed to assist the Financial Accounting Standards Board (FASB) in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues. After the EITF identifies an issue and proposes a ruling, the SEC must ratify the decision for it to become effective. Upon ratification, the rulings are included as part of GAAP, which are the accounting standards followed by most companies in preparing their financial statements in the United States.
The Federal Register ("Fed. Reg.") and the Code of Federal Regulations ("CFR") are resources that contain official federal government publications and regulations which can sometimes impact accounting principles and financial reporting, but they do not directly relate to the EITF ratification process which is specific to financial accounting under the jurisdiction of the SEC and FASB.