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September 2009 » New Loss Contingency Disclosure...
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Denise Dickins, PhD, CPA, CIA, and William A. Hillison, PhD, CPA, CMA, and Steven Platau, JD, CPA
On June 5, 2008, the Financial Accounting Standards Board (FASB) issued a proposed statement “Disclosure of Certain Loss Contingencies—An Amendment of FASB Statements No. 5 and 141(R).” (The proposed statement is available at: www.fasb.org/draft/ed_contingencies.pdf.) The proposed statement would replace the disclosure requirements in SFAS 5, Accounting for Contingencies, for loss contingencies that are recognized as liabilities (as opposed to asset impairments) in companies' statements of financial position and for unrecognized loss contingencies that would be recognized as liabilities if the criteria for recognition in paragraph 8 of SFAS 5 were met—that is, if the loss contingency is probable of occurrence and the amount is subject to reasonable estimation.
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