On August 25, 2017, Hurricane Harvey made landfall as a Category 4 hurricane. The storm lingered over Texas and Louisiana for days producing over 50 inches of rain in some areas, resulting in widespread flooding and damage.
Hurricane Harvey may be the costliest weather disaster in US history, surpassing the $125 billion of losses sustained from Hurricane Katrina in 2005. Many businesses in Texas have been disrupted, including approximately 20% of the US oil refining capacity.
On September 10, 2017, Hurricane Irma hit the Florida Keys as a Category 4 hurricane, weakening somewhat as it made landfall along Florida’s southwest shoreline. There has been widespread wind damage, flooding and power outages.
This In depth discusses the accounting and disclosure-related matters companies may encounter in dealing with the financial reporting implications of these natural disasters.
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