This preview shows page 1. Sign up to view the full content.
Unformatted text preview: 4. The EITF focused on three issues 1) how the loss should be recorded. 2) When the loss should be recognized 3) should the information be provided in financial statements. They agreed liabilities should not be recognized until there is an obligation to the payee, and the losses should be classified as Extraordinary losses....
View Full Document
- Spring '09