Elephant in the Room- Ms. Sandy

[Royal]

They retracted that statement an hour after the original statement. LOL

Got to wonder about the stability of the Nuclear Power Plants in that area. The whole area is one big security and safety mess.

[Pigeon]

There is this one, 40 miles north of Atlantic City. Was some concern for the rod cooling pool pumps. Maybe or may not be real. It is offline for service. What do these engineers think when they select these locations.

[Royal]

There is this one, 40 miles north of Atlantic City. Was some concern for the rod cooling pool pumps. Maybe or may not be real. It is offline for service. What do these engineers think when they select these locations.

Very good question. Can tell a lot about the psychology back in the day. They grew up with the news on paper.

[Royal]

Reporting estimates at over 20 Billion which is overtaking Irene in the record books.

Tried to look for ways on how they record estimates. I'm thinking insurance companies. As for total losses, off the books, I wonder if they account for foregone revenues. The economic impact has to be huge.

[Royal]

Economic impact on Corporations may depend on the treatment of the loss (Ordinary or Extraordinary). Makes you think why they call this a 1/100 year storm and call it "unprecedented" even though Irene appeared to be on the same track.

Katrina was a 100 billion dollar event, it was still classified as ordinary. Even the events of 9/11 were considered ordinary given the terror risk.

NEW YORK (CNN/Money) - Despite the extraordinary devastation wrought by Hurricane Katrina, corporations will not be able to exclude costs related to the hurricane when reporting their financial results, according to a published report.

Overview of Extraordinary Items

An extraordinary item is an event or transaction that is considered abnormal, not related to ordinary company activities, and unlikely to recur in the foreseeable future. The reporting of an extraordinary item should be an extremely rare event. In nearly all cases, an event or transaction is considered to be part of the normal operating activities of a business, and should be reported as such. GAAP specifically states that write-offs, write-downs, gains, or losses on the following items are NOT to be treated as extraordinary items:

Abandonment of property
Accruals on long-term contracts
Disposal of a component of an entity
Effects of a strike
Equipment leased to others
Foreign currency exchange
Foreign currency translation
Intangible assets
Inventories
Receivables
Sale of property

Examples of items that could be classified as extraordinary are the destruction of facilities by an earthquake, or the destruction of a vineyard by a hailstorm in a region where hailstorm damage is rare. Conversely, an example of an item that does not qualify as extraordinary is weather-related crop damage in a region where such crop damage is relatively frequent.

International Financial Reporting Standards (IFRS) do not use the concept of an extraordinary item at all.

Disclosure of Extraordinary Items
You should classify an extraordinary item separately in the income statement if it meets any of the following criteria:

It is material in relation to income before extraordinary items
It is material to the trend of annual earnings before extraordinary items
It is material by other criteria

Fixed Asset Impairement

Value of fixed assets (Held for use or Held for Disposal) need to be reviewed at least annually or whenever events or changes in circumstance indicate that the carrying amount may not be recoverable.

[Pigeon]

Scamming the insurance company has become a common past time for home owners. I imagine insurance inflates what they can to use for their future benefit with numbers.

[lkwalker]

Has it occurred to anyone how this scenario was presaged by Al Gore's movie?

[lkwalker]

Here's a tool that's interesting and sobering. Created a few years ago...
http://freegeographytools.com/2007/sea- ... using-3dem

[Royal]

GERALDO!

[Pigeon]

BE, Hi..