This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Journal entry — Disclosure of certain loss contingencies — FASB removes project from agenda

Published on: Jul 09, 2012

The FASB voted today to remove its project on disclosures of certain loss contingencies from its agenda. The Board had added the project in 2007 in response to financial statement users’ requests for enhanced disclosures, particularly about litigation. However, constituents strongly opposed the expanded disclosures proposed in the two exposure drafts that were issued as part of the project. The Board ultimately decided to remove the project because (1) disclosures have improved as a result of the SEC’s increased focus on entities’ compliance with the current disclosure requirements in ASC 450-20,1 which has in turn precipitated an increase in focus by preparers, auditors, and other regulators, and (2) the FASB’s disclosure framework project is intended to address any overlapping issues related to the improvement of financial statement disclosures.


1 FASB Accounting Standards Codification Subtopic 450-20, Contingencies: Loss Contingencies.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.