FASB Reproposes Amendments to Loss Contingency Disclosures
Client Memorandum

Created date


The Financial Accounting Standards Board (“FASB”) has published a proposal to amend its disclosure requirements for loss contingencies. The amended disclosure requirements, if ultimately adopted by the FASB, would replace the current disclosure requirements contained in FASB Codification Topic 450-20 Contingencies—Loss Contingencies (historically known as FASB Statement No. 5, Accounting for Contingencies (“FAS 5”)) and certain other subtopics. The proposal would not change the recognition guidance for loss contingencies.