FASB Proposed Changes to Contingency Disclosures (FAS5) Coming Soon; SEC-CFTC Sign MOU; Glauber Named IASCF Trustee
By Edith Orenstein, FEI Financial Reporting Blog - On Tuesday (March 11), the FASB board voted to release a proposed amendment of the disclosures contained in FAS 5, “Accounting for Contingencies,” as reported by Denise Lugo in the March 12 edition of BNA Daily Report for Executives. In her article, “FASB to Issue Proposal Requiring More Judgment for Loss Contingencies,” Lugo reported that the expected release date of FASB’s proposal is the end of April, with a 60 day comment period, and the proposed effective date would be annual financial statements issued for years beginning after 12/15/08, and interim periods within those fiscal years. Also on March 11, the SEC and CFTC announced the signing of a Memorandum of Understanding (MOU) to formalize and cooperation between the two agencies and extending it further. Additionally, the International Accounting Standards Committee Foundation (IASCF), parent of the IASB, announced three new Trustees, Bob Glauber, Pedro Malan, and Luigi Spaventa. Further details on the above issues can be found here.
Posted by Edith Orenstein, FEI Financial Reporting Blog, 12:38 a.m. March 13, 2008.