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.
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