ACC 221 Case 4-8

ACC 221 Case 4-8 - 4. The EITF focused on three issues 1)...

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Case 4-8 Rachel Keenan 1. Yes I do think September 11 th was an Extraordinary loss. 3 EITF the Emerging Issues Task Force of FASB the Financial Accounting Standards Board. The EITF is responsible for resolving issues occurring in the financial world. So when the issue was present they brought it to the people who would know how to deal with it right.
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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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