FASB Extends by 30 Days the Period for Comment on Proposed Changes to U.S. Accounting Standards Governing Loss Contingencies

August 19, 2010

On August 18, 2010, the Financial Accounting Standards Board ("FASB") announced that it is extending by 30 days to September 20, 2010 the deadline for comments on the FASB’s proposed amendments to the U.S. accounting standards governing the disclosure of loss contingencies, including litigation-related contingencies.  Given the broad scope of the FASB’s proposed modifications and the challenges they would pose to financial statement preparers, we encourage companies who have not already commented on the proposal to submit comments by the new deadline.

For additional information on the FASB’s proposal, see our July 21, 2010 client alert, available here.  The full text of the FASB’s proposal is available here.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher’s lawyers are available to assist in addressing any questions you may have regarding these issues.  To learn more about the firm’s Securities Regulation and Corporate Governance Practice, please contact the Gibson Dunn attorney with whom you work, or any of the following:

John F. Olson – Washington, D.C. (202-955-8522, jolson@gibsondunn.com
Brian J. Lane – Washington, D.C. (202-887-3646, blane@gibsondunn.com
Ronald O. Mueller – Washington, D.C. (202-955-8671, rmueller@gibsondunn.com
Lewis H. Ferguson – Washington, D.C. (202-955-8249, lferguson@gibsondunn.com)
Amy L. Goodman – Washington, D.C. (202-955-8653, agoodman@gibsondunn.com
Michael J. Scanlon – Washington, D.C. (202-887-3668, mscanlon@gibsondunn.com)
James J. Moloney – Orange County (949-451-4343, jmoloney@gibsondunn.com)
Elizabeth Ising – Washington, D.C. (202-955-8287, eising@gibsondunn.com)

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