The Financial Accounting Standards Board will soon make a decision on whether to move forward with a new standard on accounting for contingencies, although FASB Chairman Leslie Seidman was careful not to tip her hand on what that decision will be.
The staff of the FASB has studied 2010 financial reports, met with other regulators, and met with FASB’s various advisory groups to help determine whether FASB should proceed with a new standard on contingencies, said Seidman during a video webcast to update a variety of FASB projects. The staff is finalizing a report for the board to consider spelling out several possible courses of action, she said.
