FASB Extends Comment Period For Proposed Disclosure Rules

    It seemed as though about half the fifty letters written so far to the Financial Accounting  Standards Board on its proposed revision to corporate contingency disclosure standards were requests to extend the comment period.  Given the complexity of the new rules and their importance to companies, their law departments and their outside counsel, thirty days in the middle of summer seemed pretty ridiculous.

    So the FASB has indeed extended the deadline, and will accept comments through September 30, 2010. 

    Among those who have commented substantively, eloquently and in detail are the U.S. Chamber of Commerce and the Association of Corporate Counsel.  And guess what?  They don't like the proposal one bit.

    More (actually, lots more) on this issue in the Cal Biz LIt post from August 9.