TITLE

financialREPORTING

AUTHOR(S)
Heffes, Ellen M.
PUB. DATE
November 2001
SOURCE
Financial Executive;Nov2001, Vol. 17 Issue 8, p58
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article discusses an abrupt reversal of policy by the Emerging Issues Task Force (EITF) of the Financial Accounting Standards Board (FASB). On September 20, 2001, the EITF tentatively decided that losses stemming from the September 11, 2001 terrorist attacks could, in many cases, be classified as extraordinary items. Several days later, however, EITF reversed itself, asserting that "extraordinary" treatment was not appropriate. Commentary from EITF chairman Timothy S. Lucas explains the reasoning behind the decision.
ACCESSION #
7295979

 

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