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FASB proposes lower loss disclosure threshold

The US Financial Accounting Standards Board (FASB) has proposed amendments to accounting standards that are intended to introduce more clarity to the disclosure of certain loss contingencies for public and non-public entities.

The FASB said the amendments would lower the current disclosure threshold and broaden the existing requirements to provide adequate and timely information to assist users in assessing the likelihood, potential magnitude, and potential timing of future cash outflows associated with loss contingencies.

The FASB said the draft was issued due to concerns from investors and other financial reporting users about disclosures of loss contingencies under the existing guidance.

The proposed amendment would be effective for fiscal years ending after 15 December 2010 for public companies and from the first annual period beginning after 15 December 2010 for non-public companies.

The exposure draft is open for comments until 20 August 2010.

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