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Heads Up: FASB Proposes Guidance on Expanded Disclosures for Certain Loss Contingencies

Volume 17, Issue 23


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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.

Read more in the file attached below or visit the Heads Up Archive for past issues.

Heads Up and other information on accounting and financial disclosure also can be found in the Technical Library: The Deloitte Accounting Research Tool. Technical Library, a subscription-based research tool, includes material from the Financial Accounting Standards Board (FASB), Emerging Issues Task Force (EITF), AICPA, Securities and Exchange Commission (SEC) and International Accounting Standards Board (IASB), in addition to our own accounting manual and interpretive accounting guidance. Updated every business day, the Technical Library has an intuitive design and navigation system. Powerful search features enable users to locate information quickly, at any time and from any computer. Additionally, Technical Library subscribers receive periodic e-mails highlighting recent additions to the Technical Library.

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