FASB to Reconsider Plan for Sweeping Changes to Contingent Liabilities Disclosures


On September 24, 2008, the Financial Accounting Standards Board (?FASB?) decided to reconsider its previously-proposed amendments to FASB Statement No. 5, Accounting for Contingencies (?Statement 5?), and FASB Statement No. 141, Business Combinations. The original proposal would have substantially changed disclosure obligations related to contingent liabilities, such as pending or threatened litigation, in periodic reports for fiscal years ending after December 15, 2008.

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