At last week’s meeting, the Task Force concluded that, while the events of September 11 were certainly extraordinary , the financial reporting treatment that uses that label would not be an effects of the events were so extensive and one financial statement line item. Any approach to extraordinary item accounting would include only a part-and perhaps a relatively small part-of the real effect of these tragic events. Readers of financial reports will be intensely interested in understanding the whole impact of the events as an “extraordinary item” would hinder, rather than help, effective communication.