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EITF issues guidance on 11 September terrorist attacks

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27 Sep 2001

FASB's Emerging Issues Task Force has published EITF issue No.

01-10 on financial reporting of losses stemming from the terrorist attacks of September 11 in the USA. Key issues covered:
  • Which losses or costs should be classified as extraordinary items [in a follow-up meeting on 28 September, EITF concluded that none should be classified as extraordinary items]
  • When losses stemming from the attacks should be recognised
  • Accounting for insurance payments covering those losses
  • Note disclosures
More info at FASB Website.

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