FASB Votes Against Loss Contingency Disclosure Requirements Project

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On July 9, 2012, the Financial Accounting Standards Board (FASB) voted against moving forward with its exposure draft project to modify the accounting and disclosure requirements for loss contingencies. The exposure draft was part of the FASB's attempt to establish an overarching framework designed to make financial statement disclosure more effective, coordinated and less redundant. At its July 9 meeting, the FASB considered two alternatives:

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