That Fuss over Loss Contingency Disclosures

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Acknowledgments

Raymond R. Rose is president and environmental management consultant at Rose Environmental. He has more than thirty years of experience in evaluating problems and developing management solutions for businesses to improve environmental performance and reduce costs, including for corporate environmental disclosure.

Notes

¹The board reported that of 339 comment letters it received through September 20, 2010, the close of the comment period for its 2010 exposure draft, 203 letters were from financial statement preparers and another 112 from accounting firms, law firms, and “industry” or “professional” organizations. Nine letters were received from financial statement users. The remaining 15 letters were from consulting firms or individuals (FASB, 2011c).