Disaster Strikes Campus? Reporting Basics

(from Accounting Today) Safety and recovery are paramount when a natural disaster strikes campus, but independent shool business officers must also worry about the financial reporting implications of damage claims to insurance companies. Among the factors to consider, above and beyond whether certain losses are covered by your insurance policies: environmental issues (e.g., if underground tanks are damaged), legal analysis if the cause of damage isn't perfectly clear, proper classification of losses on the income statement, subleases and any potential associated losses, and a variety of cash flow matters.

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