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Financial reporting implications of terrorist attacks in US

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23 Sep 2001

At its regularly scheduled meeting on 20 September, FASB's Emerging Issues Task Force discussed the financial reporting implications of the 11 September terrorist acts.

In addition to the tragic loss of thousands of lives, businesses are now faced with the challenge of providing meaningful financial information to the public reflecting changes precipitated by recent events. EITF discussions focused on three issues:
  • how losses or other costs caused by the incident should be reported in financial statements,
  • when those losses or costs should be recognized (on September 11 or some later date), and
  • whether other information about the economic effects of the incident should be provided in financial statements.
The SEC has also taken steps (some of which have financial reporting and independence implications) to provide relief to market participants.

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