The Association of Corporate Counsel (ACC) and more than 100 legal executives have urged the Financial Accounting Standards Board to revise and delay plans to stiffen requirements for disclosing lawsuits and other loss contingencies.
The ACC fears “immense harm” to companies and in-house lawyers if they are required to disclose more information about pending cases, the organization wrote on Aug. 18 in a letter to the board. The requirement would hurt companies’ chances of winning favorable results in litigation and expose their lawyers to attorney-client privilege problems, it said.
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