Companies are unlikely to be allowed to classify damage from Hurricane Sandy as “extraordinary” for financial reporting purposes, but may consider including additional disclosures on how their businesses were impacted, according to a report from PricewaterhouseCoopers. “Neither the September 11, 2001 terrorist attacks nor Hurricane Katrina in 2005 were considered to be extraordinary from an accounting perspective,” the report said. “Accordingly, we believe that classification of losses relating to Hurricane Sandy within continuing operations would be appropriate.” [CFOJ]
For better or worse, career progression in public accounting is tied to performance reviews.
Sponsored: The Evolving Accounting Education: A Conversation with University of Scranton Professor Doug Boyle
Today we welcome Dr. Douglas Boyle, Chairperson and Associate Professor of the University of Scranton Accounting Department.
Accountants Behaving Badly Accounting jobs Accounting News AICPA Auditors BDO Big 4 Busy season Career advice Careers CFOs China Compensation CPA Exam CPAs Deloitte Ernst & Young EY FASB Footnotes Fraud Grant Thornton IASB IFRS Interns IRS Job of the Day KPMG Lawsuits Layoffs McGladrey NASBA Need a job? Partners PCAOB Politics Promotions Public Accounting PwC Quote of the Day Raises or Lack Thereof Rumors Salaries SEC Studying for the CPA exam Tax cuts Taxes Tax policy Technology Twitter