http://www.discoveryresources.org/uncategorized/fas-5-and-litigation-disclosure/ Electronic Discovery (E-Discovery) Resources, News & Information Tue, 16 Aug 2011 20:04:43 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.discoveryresources.org/uncategorized/fas-5-and-litigation-disclosure/#comment-1896 tracy woo Fri, 28 May 2010 22:27:42 +0000 http://www.discoveryresources.org/?p=746#comment-1896 Focusing on the contention of parties is silly as often times parties allege the extreme and/or frivolous claims and damages. It further can take years through the litigation process to have the case resolved. Just imagine if you have a complaint that alleges that one of the big accounting firms committed negligence and is responsible for hundreds of millions of dollars if not billions. It would not make sense for the accounting firm to have to now state in its financial statements that it has X number of complaints with Y amount of alleged damages. Such disclosures will cause panic and will then require more disclosure of the accounting firm's view on why such claims are without merit, not likely, etc. Focusing on the contention of parties is silly as often times parties allege the extreme and/or frivolous claims and damages. It further can take years through the litigation process to have the case resolved. Just imagine if you have a complaint that alleges that one of the big accounting firms committed negligence and is responsible for hundreds of millions of dollars if not billions. It would not make sense for the accounting firm to have to now state in its financial statements that it has X number of complaints with Y amount of alleged damages. Such disclosures will cause panic and will then require more disclosure of the accounting firm’s view on why such claims are without merit, not likely, etc.

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