• FASB Revises its Proposal Regarding Disclosure of Loss Contingencies
  • September 17, 2010
  • Law Firm: Mayer Brown LLP - Chicago Office
  • On July 20, 2010, the Financial Accounting Standards Board (the “FASB”) issued an exposure draft that revises its July 2008 exposure draft concerning revisions to the requirements for disclosure of certain loss contingencies set forth in Topic 450 (Contingencies) of the FASB Accounting Standards Codification (“Topic 450”).1 Like the 2008 proposal, the revised proposal would significantly amend the existing disclosure requirements and has generated a substantial number of written comment letters. The comment deadline for the revised proposal is September 20, 2010. As currently contemplated, the revised proposal would be effective for fiscal years and subsequent interim periods ending after December 15, 2010.