Extraordinary%20Items%20Case%20Study0

Extraordinary%20Items%20Case%20Study0 - Extraordinary Items...

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Unformatted text preview: Extraordinary Items A Case Study of International Versus US GAAP Extraordinary Items: Time to Eliminate the Classification * February 2007 - Under current GAAP, the criteria mandated in Accounting Principles Board (APB) Opinion 30 have so restricted the ability of items to be classified as extraordinary that in 2003 Only 2% of the entities included in Accounting Trends and Techniques , 60th Edition (AICPA, 2006) Reported Extraordinary Items . * By Marcos Massoud, Cecily Raiborn & Joseph Humphrey The CPA Journal, a Publication of the New York State Society of CPAs Extraordinary Items: Time to Eliminate the Classification Under International Accounting Standard (IAS) 1, entities are Prohibited from classifying Any Item As Extraordinary The September 11, 2001, terrorist attacks Brought both personal and economic tragedy to the United States. The insured losses amounted to approximately $50 billion , making them the largest insured single-event loss in history, far exceeding the approximately $20 billion in losses from Hurricane Andrew in 1992 … Given the monumental financial Implications and the onset of the End of the third quarter of many business years, the FASB’s EITF (Emerging Issues Task Force*) Met on September 20, 2001, to Discuss how September 11 Losses Should be handled On Financial Statements * A consensus on an EITF issue is reached if no more than 3 of the voting members present at the meeting object to a proposed position On September 28, 2001, the EITF...
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This note was uploaded on 02/17/2010 for the course MIS 042 taught by Professor Herrin during the Spring '10 term at University of Texas at Austin.

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Extraordinary%20Items%20Case%20Study0 - Extraordinary Items...

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