The Financial Accounting Standards Board has issued an exposure draft of a proposed standard for expanding the required disclosures of certain loss contingencies.
FASB said that investors and other users of financial information have expressed concerns that the current disclosures required in FASB Statement No. 5, "Accounting for Contingencies," do not provide enough information to help users of financial statements assess the likelihood, timing and amount of future cash flows associated with loss contingencies, such as liabilities arising from litigation.
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