Client Alert
| March 13, 2009
FASB Holds Roundtable Discussion on Disclosure of Certain Loss Contingencies
In June 2008, the Financial Accounting Standards Board ("FASB") issued an Exposure Draft of proposed amendments to Statement of Financial Accounting Standards No. 5, Accounting for Contingencies ("FAS 5"), and Statement of Financial Accounting Standards No. 141(R), Business Combinations. The comment period on the Exposure Draft closed on August 8, 2008. The FASB received almost 250 comment letters on the Exposure Draft, including comment letters from Dewey & LeBoeuf. Many of the comment letters criticized the proposal. Financial statement users generally supported the Exposure Draft, while financial statement preparers and the legal profession generally opposed it. Most of the significant concerns raised about the Exposure Draft are summarized in the Dewey & LeBoeuf Letters.
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This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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