In-House Counsel Win Battle in War Over Accounting

• Posted by Law.com on October 18th, 2008


• Filed in News

In-house lawyers, legal organizations and law firms won the first round of a fight with the Financial Accounting Standards Board over a plan calling for greater disclosures of lawsuits and other loss contingencies on financial statements — but they’re girding for a longer battle. After a flood of complaints from lawyers, but support from investors, the accounting board decided that it would develop an alternative plan and test the new and existing plan to see which works better.

In-House Counsel Win Battle in War Over Accounting