Litigation disclosure rule faulted

Proposed accounting standards may threaten attorney-client privilege.

, The National Law Journal

In-house corporate lawyers and corporate attorneys at firms are worried that a far-reaching accounting-standard proposal to expand companies' disclosure about lawsuits and other loss contingencies will threaten attorney-client privilege and expose sensitive litigation information to adversaries. The Financial Accounting Standards Board, which sets the standards for the U.S. accounting profession, released a draft proposal on June 5 that would significantly alter how companies disclose loss contingencies on financial statements, including litigation against the company.

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