Yesterday, the FASB’s Board held a meeting and discussed a number of Staff recommendations regarding “Disclosure of Certain Loss Contingencies,” which would amend FASB Accounting Standard No. 5 “Accounting for Contingencies” as first proposed back June 2008. That proposal resulted in a large number of comments from professional organizations and others opposed to the proposal.

As I’ve blogged before, attorneys in particular have expressed significant concerns that the proposed mandated disclosures could result in admissions against the interests of companies as well as result in waivers of the attorney-client privilege and attorney work product protection (here is a blog about other views). Because of the comments received, the FASB decided in September 2008 to “re-deliberate” the issues raised by the proposal.

As indicated in these notes to yesterday’s meeting, the FASB now has reached many decisions on this proposal – and plans to issue a new Exposure Draft sometime in May with only a 30-day comment period. Based on the notes, it appears that the concerns