FASB Update

FASB to Re-Deliberate Proposal on Disclosure of Loss Contingencies, Delays Issuance of a Standard Until 2009

The Financial Accounting Standards Board (FASB) has delayed the issuance of a standard on the disclosure of certain loss contingencies in order to allow more time to address the areas of concern raised by constituents in their comment letters. 

NRF filed comments with the Board on August 8 on the Exposure Draft titled Disclosure of Certain Loss Contingencies an amendment of FASB Statements No. 5 and 141(R) and expressed concerns that the proposals would require the disclosure of amounts and information that may be extremely speculative, unreliable and possibly misleading.  The new standard is expected to be issued in 2009.