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Protesters Pen Comments On Amending FAS 5

Proposal to expand disclosure for corporate lawsuits could encourage them instead, letter writers say.

By David Corrado | Updated on October 01, 2008

A recent proposal from the Financial Accounting Standard Board (FASB) to expand disclosure for lawsuits and other loss contingencies has met with thundering disapproval during its comment period. Of the 231 comment letters FASB received by the Aug. 8 deadline 207 are critical of the proposal while 24 support it.

“There was incredible unanimity that the proposal was out of line,” says Susan Hackett, senior vice president and general counsel at the Association of Corporate Counsel (ACC). Critics say the disclosures required by the proposal leave companies at the mercy of greedy plaintiffs and could actually result in misinforming investors as well.

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