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Accounting alert 2011/02 — Accounting for the impacts of natural disasters

Published on: 22 May 2011

During the past twelve months, the globe has faced a number of significant natural disasters. The extreme rainfall events in Queensland, Victoria and other parts of Australia have caused substantial damage. Bush fires have raged in Western Australia. Earthquakes have devastated Christchurch and Japan.

In addition to causing the tragic loss of life, disasters can result in widespread damage to and destruction of property and the disruption of business activity to varying degrees in affected regions and, in some cases, parts of the rest of the world.

A number of financial reporting implications can arise as a result of a disaster. Set out in this Accounting Alert from Deloitte (Australia) are some financial reporting considerations for entities that may have been directly or indirectly affected by these events or others which may occur. The implications discussed are not intended to be all-inclusive or exhaustive, but rather a starting point for thinking about issues that might arise.

 

Note: the link below will redirect you to the Deloitte (Australia) website.

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