Heads Up: FASB Proposes Guidance on Expanded Disclosures for Certain Loss Contingencies
Volume 17, Issue 23
The attached issue of Heads Up discusses the FASB’s proposed Accounting Standards Update (ASU) Disclosure of Certain Loss Contingencies. If finalized, the guidance in the proposed ASU would (1) expand the scope of loss contingencies subject to disclosure to include certain remote contingencies; (2) increase the quantitative and qualitative disclosures entities must provide to enable users to assess the nature, potential magnitude, and potential timing (if known) of loss contingencies; and (3) for public entities, require a tabular reconciliation for changes in amounts recognized for loss contingencies.
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