Companies Resist Litigation Cost Reporting

Law360, New York (August 11, 2008, 12:00 AM EDT) -- A newly proposed accounting amendment that would modify the rules governing the disclosure of the costs of ongoing litigation has drawn fire from some of the world's largest pharmaceutical companies, which argue that the amendment threatens attorney-client privilege.

The rule change, proposed by the Federal Accounting Standards Board earlier this year, would make several amendments to current disclosure guidelines, including an expansion of the loss contingencies that are required to be disclosed, the disclosure of specific quantitative and qualitative information about the loss contingencies, and a...
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