AICPA asks FASB to wait on loss disclosures proposal

08/26/2010 | JournalofAccountancy.com

The AICPA's Financial Reporting Executive Committee told the Financial Accounting Standards Board on Monday that it supports FASB's objectives to improve disclosures on loss contingencies but has concerns about the auditors' ability to corroborate information with the client's legal counsel until the AICPA and American Bar Association can update an agreement that outlines information attorneys are required to share with auditors.

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