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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Topics:  Disclosure Requirements, Financial Accounting Standards Board, Loss Contingencies

Published In: Finance & Banking Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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