FASB Extends Comment Period for Disclosure of Certain Loss Contingencies Exposure Draft

Norwalk, CT, August 18, 2010—At its board meeting earlier today, The Financial Accounting Standards Board (FASB) voted to extend by 30 additional days the comment deadline for its recently proposed Accounting Standards Update, Contingencies (Topic 450): Disclosure of Certain Loss Contingencies. The update was issued publicly on July 20, 2010 with an initial deadline for comments of August 20, 2010. Today, the board voted to extend the comment deadline to September 20, 2010.

Robert Herz, chairman of the FASB said, “Today’s decision reflects the initial feedback we received from our stakeholders during the Board’s due process. Many early respondents told the FASB that the comment deadline for this Accounting Standards Update was difficult to meet because of quarterly reporting deadlines, other important proposals in need of attention and the summer vacation plans of key personnel. The Board members heard these concerns and agreed that an extension of the comment period would be helpful to the Board’s due process.”

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Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at