NEWS RELEASE 08/18/10
FASB Extends Comment Period for Disclosure of Certain Loss Contingencies
Exposure Draft
Norwalk, CT, August 18, 2010—At its board
meeting earlier today, The Financial Accounting Standards Board (FASB) voted to
extend by 30 additional days the comment deadline for its recently proposed
Accounting Standards Update, Contingencies (Topic 450): Disclosure of
Certain Loss Contingencies. The update was issued publicly on July 20, 2010
with an initial deadline for comments of August 20, 2010. Today, the board voted
to extend the comment deadline to September 20, 2010.
Robert Herz,
chairman of the FASB said, “Today’s decision reflects the initial feedback we
received from our stakeholders during the Board’s due process. Many early
respondents told the FASB that the comment deadline for this Accounting
Standards Update was difficult to meet because of quarterly reporting deadlines,
other important proposals in need of attention and the summer vacation plans of
key personnel. The Board members heard these concerns and agreed that an
extension of the comment period would be helpful to the Board’s due
process.”
About the Financial Accounting Standards
Board
Since 1973, the Financial Accounting Standards Board has
been the designated organization in the private sector for establishing
standards of financial accounting and reporting. Those standards govern the
preparation of financial reports and are officially recognized as authoritative
by the Securities and Exchange Commission and the American Institute of
Certified Public Accountants. Such standards are essential to the efficient
functioning of the economy because investors, creditors, auditors, and others
rely on credible, transparent, and comparable financial information. For more
information about the FASB, visit our website at www.fasb.org.