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The attacks of September 11 were analyzed in specifics by Emerging Issues Task Force(EITF).

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The attacks of September 11 were analyzed in specifics by Emerging Issues Task Force(EITF). On September 20, 2001, EITF discussed whether the losses of September 11, 2001, should be reported as extraordinary losses. At first, EITF decided that the losses should be reported as extraordinary except for insurance companies, which should report the losses as part of income from continuing operations. One week later, however, EITF changed its decision, indicating that the losses and costs incurred because of September 11 should be part of continuing operations. What are your thoughts on the criteria used for Extraordinary Items and how useful are they if the application may be subjective as the above indicates? Please provide some ideas and thoughts
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The attacks of September 11 were analyzed in specifics by Emerging Issues Task Force(EITF). On September
20, 2001, EITF discussed whether the losses of September 11, 2001, should be reported as...

This question was asked on Jan 16, 2013 and answered on Jan 17, 2013.

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