![]() An extraordinary item was previously considered to be an item that was unusual and infrequent in nature. Although the damage was by the hurricane was catastrophic, it was not deemed and did not meet the requirements to be considered extraordinary. ![]() However, a hurricane in and of itself is not considered to be unusual or infrequent in nature as hurricanes are a likely event. For example, Hurricane Katrina caused terrible damage and one might consider such an event would be an extraordinary item. Over the years, an item could be argued for and against the consideration to be treated as an extraordinary item. Determining whether an event or an item was an extraordinary item has been a confusing and often burdensome determination for accountants and entities alike.
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