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....
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- Spring '09
- Financial Accounting Standards Board, Accounting standards Board, Emerging Issues Task