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Heads Up on FASB proposed ASU on contingencies

  • Heads Up Image

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.

On convergence with IFRSs, the newsletter notes:

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.

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