ACC Files Comments on New FAS 5 Proposals (Financial Disclosure Requirements)

August 8, 2008 – ACC files addendum to its July 25, 2008 comments with the Financial Accounting Standards Board (FASB) protesting proposed changes to the FAS 5 financial loss contingency disclosure rules. The proposed rule, if adopted, will force companies to disclose privileged information and legal work product that could negatively impact their liability, litigation strategies and defense rights. The addendum was filed to reflect the additional companies that had signed on to the comments in the days following the original filing, bringing the total number of companies signing on to nearly 90. See below for ACC’s comments and other related materials.