FASB Reproposes Amendments to Loss Contingency Disclosures
The Financial Accounting Standards Board (“FASB”) has published a proposal to amend its disclosure requirements for loss contingencies. The amended disclosure requirements, if ultimately adopted by the FASB, would replace the current disclosure requirements contained in FASB Codification Topic 450-20 Contingencies—Loss Contingencies (historically known as FASB Statement No. 5, Accounting for Contingencies (“FAS 5”)) and certain other subtopics. The proposal would not change the recognition guidance for loss contingencies.
This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.
Copy link to share post