The FASB extended the deadline one year to Dec. 15, 2009, on the proposed rule requiring companies to provide more detailed disclosures about contingent liabilities during a September 24, 2008 meeting.

The Exposure Draft (ED) No. 1600-100, Disclosure of Certain Loss Contingencies: An Amendment of FASB Statement No. 5 and 141(R), proposes stricter requirements for disclosing losses, attempting to provide more transparency in the estimates entities provide of possible losses from litigation than is currently required under Statement of Financial Accounting Standards (SFAS) No. 5, Accounting for Contingencies.