This publication provides a reminder of the accounting requirements to be considered when addressing the effects of natural disasters.
As communities begin the process of recovering from the tragedy of a natural disaster, entities operating in those locations, or providing goods and services in them, raise questions about the related financial reporting effects.
This publication provides a reminder of the existing accounting requirements in IAS 37 Provisions, Contingent Liabilities and Contingent Assets that should be considered when addressing the financial effects of natural disasters, including:
- Asset impairments
- Insurance recoveries
- Hedge accounting
- Restructuring
- Decommissioning obligations
- Other considerations
- Classification in the statement of comprehensive income
- Financial statement disclosure requirements
