NRF Files Comments with FASB

On Friday, August 8 NRF filed comments with the Financial Accounting Standards Board (FASB) on the Exposure Draft titled Disclosure of Certain Loss Contingencies, an amendment of FASB Statements No. 5 and 141(R).  The Exposure Draft proposes changes to the requirements for disclosures related to loss contingencies. 

In its letter, NRF expressed concerns that the proposals require the disclosure of amounts and information that may be extremely speculative, unreliable and possibly misleading.  NRF is concerned that the Exposure Draft would require companies to disclose information that could undermine their legal defenses and/or impair attorney-client privilege.  Both legal and financial executives at NRF member companies weighed in on the issue prior to filing. 

Click here to read the letter.