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Financial Reporting Alert 17-6, Financial Reporting Implications of Disasters

Published on: Sep 20, 2017

This Financial Reporting Alert highlights some of the financial reporting implications of disasters for entities reporting under U.S. GAAP. North America has been affected by a series of natural disasters in recent weeks, including Hurricanes Harvey, Irma, and Maria, and two significant earthquakes that struck Mexico within a span of 12 days. Disasters can also take other forms, such as the September 2001 terrorist attacks on the World Trade Center in New York and the Pentagon outside Washington, D.C.

Those implications can include the accounting for asset impairments, the income statement classification of losses, insurance recoveries, and additional exposure to environmental remediation liabilities.

This publication was released by our US firm.


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