What are thoughts on the criteria used for extraordinary

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Reference no: EM1374789

The attacks of September 11 were examined in specifics by Emerging Issues Task Force (EITF). On September 20, 2001, EITF deliberated whether the losses of September 11, 2001, must be reported as extraordinary losses. At first, EITF definite that the losses should be reported as extraordinary except for insurance companies, which must report the losses as part of income from continuing operations. One week later but, EITF changed its decision indicating that the losses as well as costs incurred because of September 11 must be part of continuing operations. What are your thoughts on the criteria used for Extraordinary Items as well as how useful are they if the application may be subjective as the above indicates? Please deliver some ideas and thoughts

Reference no: EM1374789

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