AICPA Releases Technical Practice Aid

Technical Practice Aid (TPA) 5400.05, “Accounting and Disclosures Guidance for Losses from Natural Disasters – Nongovernmental Entities,” summarizes the GAAP guidance relating to recognizing, measuring, classifying, and disclosing losses from natural disasters, like Hurricane Katrina.  The TPA does not provide any new guidance, but it is a handy “road map” to the relevant guidance that is scattered in an APB Opinion, an AICPA Statement of Position, several FASB Statements, and several EITF Issues.  The TPA is available on the AICPA web site at: http://www.aicpa.org/members/div/acctstd/general/recent_tpas.asp.