In a significant move, the Financial Accounting Standards Board is proposing to increase the amount of information regarding potential loss contingencies, such as litigation, in the footnotes to financial statements.
FASB recently released its long-anticipated Exposure Draft proposing amendments for disclosure of certain loss contingencies under FASB Accounting Standards Codification Topic 450 (formerly FAS 5). FASB’s objective for the proposal is to expand and enhance the disclosure requirements to provide more information about the possible outcomes of a loss contingency. It would lower the current disclosure threshold and expand the current disclosure requirements.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]