remove the loss contingency project from the FASB’s agenda
continue to explore moderate changes to the loss contingency requirement
Ultimately the FASB staff recommended the board remove the project from its agenda. The majority agreed that current requirements in place under Accounting Standards Codification Topic 450 are sufficient. Further, the majority reasoned that addressing concerns with the adequacy of loss contingency disclosure is not an issue of standard-setting, but rather it is an issue of compliance and enforcement.