Katrina 'Ordinary' for Accounting Purposes

"If Hurricane Katrina and the Sept. 11, 2001 terrorist attacks are not considered “extraordinary” events, what are? Finance executives may be asking that question as accounting rule-setters have said that for financial reporting purposes, the devastation wrought by Katrina does not meet these two criteria: “infrequent in occurrence” and “unusual in nature.”..."
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Source: AccountingWeb