Proposal on FAS 5, Contingencies, Raises Serious Concerns - Gibson, Dunn & Crutcher
July 7, 2008
On June 24, 2008, law firm Gibson, Dunn & Crutcher released a memorandum to its clients entitled, “FASB Proposes Amendments to SFAS No. 5, Accounting for Contingencies, That Raise Serious Concerns.”
The law firm’s memorandum relates to the proposals contained in the Financial Accounting Standards Board's (FASB's) June 5 Exposure Draft (ED), Disclosure of Certain Loss Contingencies.
The ED would amend FAS 5, Accounting for Contingencies, and certain portions of FAS 141R, Business Combinations.
The comment deadline on FASB’s ED is August 8.