TITLE

EITF: No Extraordinary Treatment for Terrorist Attack Costs

AUTHOR(S)
Williams, Kathy
PUB. DATE
November 2001
SOURCE
Strategic Finance;Nov2001, Vol. 83 Issue 5, p19
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article focuses on the decision by the U.S. Financial Accounting Standards Board (FASB) against using an extraordinary item treatment in the case of losses incurred as a result of the September 11, 2001 (9/11) terrorist attacks. It states that while the 9/11 events were extraordinary, the economic effects are too extensive that extraordinary item accounting would be unable to capture them in any one financial statement line. It talks about possible effects of the 9/11 attacks on industry.
ACCESSION #
5425057

 

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