The Financial Accounting Standards Board on Wednesday said that a proposed rule requiring companies to disclose financial loss contingencies would not become effective this year as originally planned. The rule, which has been attacked by corporate counsel and their law firms, was to have affected companies whose fiscal year ended after this Dec. 15. But after being inundated with 347 comment letters, many saying the Dec. 15 deadline was too soon, the board said a final rule will not become effective for the 2010 reporting period.
The Association of Corporation Counsel, which has opposed the rule and said it was relieved by the reprieve, added that the board’s announcement meant work would not resume until after a targeted June 2011 completion date, though an FASB spokeswoman said no date has been established.
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