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GCs dispute disclosure proposals

Amendment to financial accounting statements draw ire.

, The National Law Journal

More than 135 general counsel and leading executives from Fortune 500 and 100 companies are protesting a controversial proposed amendment to financial accounting statements on corporate disclosures of litigation-related loss contingencies. The proposed amendments would require companies to make significantly more extensive disclosures in the notes to financial statements regarding loss contingencies, even in cases in which the company expects to prevail or does not believe there will be a material cost to settle the matter.

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