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 Loss Contingency

Lawsuit Exposes Gaps in Loss Contingency Disclosures

December 18, 2012

Yahoo announced in late November that it was facing a $2.7 billion penalty as a result of a lawsuit in Mexico it lost against a phone directory company. The verdict surprised investors, since Yahoo hadn't reported the potential outcome as part of its loss contingency disclosure. The Financial Accounting Standards Board and the SEC have made such disclosures a top priority in recent years, after complaints about too many litigation surprises. Details inside.
 

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