On July 20, the FASB issued a new exposure draft of their proposed ASU concerning disclosures of litigation-related loss contingencies. For anyone who may not have been following this issue over the past 2 years or so, the FASB first issued an exposure draft on June 5, 2008 which proposed enhanced disclosure regarding contingent losses stemming [...] Read more > >
Yesterday (September 10, 2009), Rob Bloomfield posted regarding a legal perspective on FASB Accounting Standards Codification Topic 450 (FAS 5 – Accounting for Contingencies) and proposed changes in the disclosure rules for litigation-related contingencies. This post relates to both the FAS 5 issue as well as an earlier discussion regarding conducting research with the FASB. While [...] Read more > >
Last week I suggested you take a look at how lawyers view accounting, courtesy of the popular and thoughtful legal blog, The Volokh Conspiracy. This week, I am glad to report that conspirator (and American University law professor) Kenneth Anderson has given me the opportunity to write a guest post getting lawyers insights into a [...] Read more > >
We had an excellent discussion today with Bob Laux of Microsoft. Whether you are looking for research topics or good stories for your students–financial or managerial–you will find this a very interesting discussion. You can now watch the archive live by going here, waiting through a 15 second commercial, and then clicking the “on demand” [...] Read more > >
Today during Office Hours, we had David Elsbree, Project Manager on the FASB’s project regarding disclosures for litigation-related loss contingencies. During that discussion, two issues seemed to be at the heart of the debate over how the FASB should proceed with this project: (1) Would the required provision of potentially (upward) biased measures of contingent losses (as [...] Read more > >
On Wednesday, 11am ET, FASB Fellow David Elsbree will be joining us to talk about a few of the projects he is overseeing. Details about office hours are here. One likely to be of interest to many of you is the Disclosure of Certain Loss Contingencies. My initial objection to the project is the title, [...] Read more > >