A surprise email and long phone interview a week ago Friday has resulted in a lengthy quote on FAS 5 in the latest version of the BNA Accounting Policy and Practice Report.
FASB Faces Tough Decisions On Proposed Contingencies Disclosures
BY DENISE LUGO, BNA STAFF CORRESPONDENT
732 (Vol. 4, No. 17)
…Hiding the Problems. The FASB’s ITAC member Lynn Turner said in an privately distributed email that some companies are not currently complying with the existing standard on disclosures, raising the question of whether the standard is being enforced. Turner also observed that there is an outright ideological difference on what management of companies believe they should have to disclose to the owners of the business.