By Edith Orenstein, FEI Financial Reporting Blog -
The legal community has raised the alarm about proposed changes to disclosure requirements for litigation and other contingencies in FASB’s Exposure Draft (ED): Disclosure of Certain Loss Contingencies-An Amendment of FAS 5 and Statement 141R (the FAS 5 ED.) See comments filed. (OpEd in today’s WSJ: “FASB’s Lawyer Bonanza”.)
The comment deadline to respond to FASB’s proposal is tomorrow (Aug. 8).
We've summarized some key points from comment letters filed by the Association of Corporate Counsel, the American Bar Association, and others here.