Today, the FASB clarified that the disclosures proposed as part of its project on disclosures of certain loss contingencies will not be effective for the 2010 annual financial statements of public calendar-year-end entities as originally proposed. The Board will discuss a revised effective date during redeliberations on the project.

In July, the FASB issued a proposed Accounting Standards Update, Disclosure of Certain Loss Contingencies. The proposed guidance would (1) expand the scope of loss contingencies subject to disclosure to include certain remote loss contingencies; (2) increase the quantitative and qualitative disclosures entities must provide to enable users to assess the nature, potential magnitude, and potential timing of loss contingencies; and (3) for public entities, require a tabular reconciliation for changes in amounts recognized for loss contingencies. See Deloitte’s July 20, 2010, Heads Up for further details on the proposal.