March 2011
In this issue:
The earthquake in Canterbury last week has reminded us about the devastating impact that natural disasters can have on local communities. Not only is there a significant social impact, but there is also a regional and national economic impact that affects businesses of all types and sizes.
As those in Canterbury come to grips with the emotional cost of the earthquake, businesses will also need to turn their attention to financial reporting and consider the associated accounting implications arising from natural disasters. In this edition of IFRS in brief we consider the accounting implications of natural disasters in the financial statements.