At its board meeting this week, The Financial Accounting Standards Board (FASB) voted to extend by 30 additional days the comment deadline for its recently proposed Accounting Standards Update, Contingencies (Topic 450): Disclosure of Certain Loss Contingencies. The update was issued publicly on 20 July 2010 with an initial deadline for comments of 20 August 2010. The board has now voted to extend the comment deadline to 20 September 2010.
Robert Herz, chairman of the FASB, said: “Today’s decision reflects the initial feedback we received from our stakeholders during the board’s due process. Many early respondents told the FASB that the comment deadline for this Accounting Standards Update was difficult to meet because of quarterly reporting deadlines, other important proposals in need of attention and the summer vacation plans of key personnel. The board members heard these concerns and agreed that an extension of the comment period would be helpful to the board’s due process.”
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