Heads Up on FASB proposed ASU on contingencies
21 Jul 2010
As noted in our earlier story, the FASB has issued a proposed accounting standards update (ASU) on the disclosure of certain loss contingencies. Deloitte (United States) has issued a Heads Up Newsletter providing a summary of the proposals.
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The proposed ASU is not part of the FASB's and IASB's current efforts to converge U.S. GAAP and IFRSs, as outlined in the boards' Memorandum of Understanding. However, the disclosures that would be required under the proposed ASU are similar to those required under IAS 37. The IASB is currently deliberating amendments to IAS 37 that would, among other things, improve the guidance on identifying, recognizing, and measuring liabilities. While such amendments would reduce the differences between IAS 37 and U.S. GAAP, they are significantly broader in scope than those in the FASB's proposed ASU. |
- Heads Up Newsletter Raising the Volume on the Remote - FASB Proposes Guidance on Expanded Disclosures for Certain Loss Contingencies (PDF 156k)
- Heads Up archive
- IAS Plus Update Newsletter on the IASB's liability proposals (PDF 88k)
- Our project page on the IASB's liabilities project
- Earlier story: FASB issues proposed ASU on contingencies
