Law

You are here: Home : Topics A-Z : Law

Will FASB's Breadcrumb Trail Remain?

The standard-setter will vote on whether to extend the comment period for a controversial disclosure rule that could open up companies to new lawsuits.

August 17, 2010

When the Financial Accounting Standards Board meets on August 18, it will decide whether to give companies more time to vet a proposed update to the rules that govern how companies account for contingent liabilities. FASB gave companies just a month to look over and comment on its proposed revisions (renamed Topic 450), which include controversial disclosure provisions. The provisions, say some observers, will provide a breadcrumb trail for plaintiffs' attorneys who troll financial statements in the hope of finding information that can be used to launch legal actions against companies. Read more...

Follow this topic

Sign up for newsletters
Subscribe to our Law RSS feed

More Law Articles

The Cloud's Legal Lining
As cloud computing grows ever more pervasive, pricing will moderate and legal and regulatory challenges will emerge, a top technology attorney says. August 10, 2010
Paid to Whistle
The newly signed financial-reform law substantially raises the potential rewards for whistle-blowing. Will a flood of new claims result? July 23, 2010
Compensatory Damages Can Be Tax Deductible
A 2010 court decision that favored the IRS over a corporate taxpayer provides useful insights for other companies making restitution payments to the government. July 19, 2010
Unvested Stock Options: Left Behind?
A lawsuit by a former Fidelity Investments CFO raises the question of what happens to unvested stock options in a layoff. July 1, 2010
Removing Unsightly Tax Credit Buildup
The tax extenders bill in Congress will enable companies to use accumulated minimum tax credits. June 3, 2010
Ex-Diebold CFOs Charged with Fraud
Three former finance executives of ATM maker Diebold are charged with accounting fraud by the SEC. June 2, 2010
A Costly Look at How Sausage Is Made
C&F Packing won its trade-secret case against Pizza Hut last year, but found out the hard way that settlements related to trade-secret misappropriation are taxed as ordinary income. May 24, 2010
Accounting-Related Lawsuits Fall
Reflecting a decline, just over a third of securities suits filed last year mentioned accounting issues, according to PricewaterhouseCoopers. April 1, 2010
R.H. Donnelley Denied Much-Needed Tax Refund
A district court rules against a company that just recently climbed out of bankruptcy. March 1, 2010