The effects of Hurricane Katrina will be considered "ordinary events" for financial-reporting purposes, according to published reports of a statement by the Financial Accounting Standards Board.
Accounting officials reportedly said that for an event to qualify as "extraordinary," and to be financially reported as such, it must be "infrequent in occurrence" and "unusual in nature." FASB has maintained that hurricanes along the Gulf Coast occur too frequently to qualify, though a FASB task force meeting in mid-September may decided to discuss the matter further.
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