Litigation Disclosures under SFAS No. 5: A Study of Actual Cases.
研究了美国SFAS第5号准则下上市公司对诉讼不确定性的披露情况，发现即使在高重要性水平下，不披露也很常见，并分析了原因。
Abstract The article focuses on litigation disclosures under Statement of Financial Accounting Standards No. 5 (SFAS No. 5) in the U.S. In 1978, the Commission on Auditors' Responsibilities recommended an expansion of disclosure requirements for litigation and other uncertainties. However, the Technical Issues Committee of the AICPA's Private Companies Practice Section recently opposed a proposal before the Accounting Standards Executive Committee that would expand uncertainties disclosures. The complexity of litigation contingencies and the apparent lack of consensus among policy makers are reflected in the considerable diversity in interpretation and application of SFAS No. 5. The article commences with a review of relevant authoritative literature and then presents results of a disclosure study of 126 lawsuits lost by publicly traded corporations. Data presented indicate nondisclosure of litigation contingencies to be common, even at relatively high materiality levels. Arguments have been advanced that such nondisclosure may be attributable to the significant leeway afforded professional judgment in SFAS No. 5 as well as to the fact that sophisticated parties have more timely sources of such information. Involvement of the legal profession with its duty to in good-faith act in client interest and preserve the attorney-client privilege was also submitted as a factor complicating the disclosure decision.