FASB issues proposal on Disclosures about Loss Contingencies

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FASB issues proposal on Disclosures about Loss Contingencies Resources Global Professionals Finance & Accounting Blog Tuesday, July 20. 2010 FASB issues proposal on Disclosures about Loss Contingencies Earlier today the FASB issued a "revised" proposal requiring additional disclosures about loss contingencies. The original proposal was issued in June 2008 and received a significant amount of negative feedback. In particular, the requirements under the previous proposal might have required companies to disclose privileged information with respect to litigation concerns. The revised proposal softens some of those requirements - but does require more disclosures regarding contingencies. In particular, more contingencies that are considered "remote" would be required to be disclosed. The following summary of the proposal can be accessed here: