On October 27, 2010, the FASB determined that calendar-year end companies will not be required to comply with the July 2010 Exposure Draft, Contingencies (Topic 450): Disclosure of Certain Loss Contingencies, in their 2010 Form 10-Ks. The FASB stated that it will decide on an effective date at a future meeting, after it has substantially concluded its redeliberations. Commenters on the proposed standard were concerned that it would require disclosure of information that could be prejudicial in litigation.

For further discussion on the proposal, see the July 26, 2010 issue of the Securities & Financial News to Note Bulletin.