Litigation Contingency Disclosure under ASC 450: A Survey of 2011 SEC Comment Letters | Practical Law

Litigation Contingency Disclosure under ASC 450: A Survey of 2011 SEC Comment Letters | Practical Law

This Article discusses common SEC comments on public company disclosure of litigation loss contingencies under Accounting Standards Codification Topic 450 (ASC 450). It provides a brief overview of the requirements of ASC 450 and highlights common disclosure practices that could trigger SEC comments. It also includes examples of SEC staff comments issued in 2011 on the litigation contingency disclosure in companies' Exchange Act report filings, providing valuable insight into the main areas of focus in the SEC's review process.

Litigation Contingency Disclosure under ASC 450: A Survey of 2011 SEC Comment Letters

by Kevin C. Smith, Alison H. Kronstadt and Tae Sang Yoo, Chadbourne & Parke LLP
Published on 09 Feb 2012 • USA (National/Federal)
This Article discusses common SEC comments on public company disclosure of litigation loss contingencies under Accounting Standards Codification Topic 450 (ASC 450). It provides a brief overview of the requirements of ASC 450 and highlights common disclosure practices that could trigger SEC comments. It also includes examples of SEC staff comments issued in 2011 on the litigation contingency disclosure in companies' Exchange Act report filings, providing valuable insight into the main areas of focus in the SEC's review process.