Financial Accounting For Dummies by Maire Loughran

Author:Maire Loughran
Language: eng
Format: epub
Publisher: Wiley
Published: 2011-03-13T16:00:00+00:00

Recent events not considered to be extraordinary

Two of the most infamous events taking place in the United States in recent history were the terrorist attacks on September 11, 2001, and Hurricane Katrina on August 29, 2005. You may be startled to find out that neither event is considered to meet the extraordinary criteria. After consideration, the Financial Accounting Standards Board Emerging Issues Task Forces declared that no company sustaining damages from the 9/11 attack could treat any of its losses or expenses as extraordinary items. And while the destructive effect of Hurricane Katrina on Gulf states was chilling, hurricanes in that area are neither infrequent nor unusual.

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