Cal Biz Lit, and a bunch of other bloggers and commentators, spilled a fair amount of ink (or 1's and 0's, as it were) on the Financial Accounting Standard's Board's highly unfortunate proposal to revise the reporting standards for loss contingencies -- i.e., amounts that might or might not be claimed, and might or might not be recovered, in litigation. CBL's previous posts are here, here and (my favorite) here.
FASB received more than 350 comment letters, and guess what? As far as we can tell, nobody said "Hey, FASB, way to go!" In fact, it looks as though the comments were variations on "Are you out of your freakin' mind?"
Monday, FASB announced that it was backing off. The new standard won't go into effect for 2010. Instead, "the Board will redeliberate and make changes as appropriate." And "It will decide on an effective date at a future meeting, after it has substantially concluded its redeliberations."
How about, never? Just a thought.