American Accounting Association's Financial Accounting Standards Committee: Response to IASC Exposure Draft, "Provisions, contingent liabilities and contingent assets"

The Financial Accounting Standards Committee of the American Accounting Association is charged with responding to requests by standard setters on issues related to financial reporting. The Committee is pleased to comment on the proposed principles and guidance set forth in IASC Exposure Draft E59, Provisions, Contingent Liabilities and Contingent Assets. Becase the Committees expertise is in academic research of accounting issues, this letter describes the conclusions of research related to recognition, measurement and disclosure for provisons and contingencies which may be relevant to the IASC in their deliberations of E59.