The US Financial Accounting Standards Board
(FASB) has extended the comment period on proposed changes to the
rules for disclosing certain loss contingencies after respondents
requested more time.
The deadline for comment on Contingencies
(Topic 450): Disclosure of Certain Loss Contingencies has been
pushed back by a month to 20 September.
FASB chairman Robert Herz said many
respondents claimed the comment deadline was difficult to meet
because of quarterly reporting deadlines, other important proposals
and summer vacation plans.
The FASB contingencies proposals respond to
concerns from financial reporting users that Topic 450 did not
provide adequate and timely information to assist them in assessing
the likelihood, timing and magnitude of future cash outflows
associated with loss contingencies.
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