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February 3, 2023

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 perspective,” the report said. “Accordingly, we believe that classification of losses relating to Hurricane Sandy within continuing operations would be appropriate.”  [CFOJ]

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