In-house lawyers, legal organizations and law firms won the first round of a fight with an accounting standards organization over a plan calling for greater disclosures of lawsuits and other loss contingencies on financial statements — but they’re girding for a longer battle.
The Financial Accounting Standards Board, which establishes U.S. accounting rules, received 239 comment letters this summer about a controversial proposal to significantly change how companies disclose loss contingencies on financial statements.
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