December 13, 2018

extraordinary items

FASB Tries to Simplify GAAP, One Item at a Time

You will note that a bound copy of GAAP comes in at 7,692 pages (as of 2011). By comparison, the Guinness Book of World Records' thickest book published — Agatha Christie's Miss Marple stories — comes in at 4,032 pages. Knowing this, FASB is attempting to shave off a page or two off the beast […]

Report: There’s Nothing Extraordinary About Sandy

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 […]