Last week we put up a lengthy post addressing proposed new accounting disclosure rules that amount to yet another huge informational giveaway to the plaintiff’s bar. In drafting that post, we looked around the web, and we were, frankly, surprised by the lack of comment on the revised (but still awful) FASB proposal by the mainstream business-oriented media. But now, at the eleventh hour (Friday’s the deadline for comment on the proposal), that seems to have changed. The Wall Street Journal today (subscription required) takes a scathing look at the FASB proposal, quite correctly calling it a “tort bar gift.”
The Journal article mentions another development along the same lines – that at least one major business group, the American Chamber of Commerce, has filed an extensive comments criticizing the FASB proposal for many of the reasons (and a lot more) that we complained about last week. If you’re interested in this kind of stuff – somewhat dry, to be sure, but of critical importance – the Chamber’s comments are well worth a read.