The Knowledge Group
The Knowledge Group

Thomas W. White, Partner, WilmerHale to Speak at KC’s 2011 Loss Contingency Disclosure Demystified

New York, NY, August 20, 2011 --( The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Thomas W. White, Partner, WilmerHale, will speak at the Knowledge Congress’ webcast entitled: “Loss Contingency Disclosure Demystified - Best Practices for Managing Litigation Disclosure, SEC Review and FASB Topic 450”. This event is scheduled for August 29, 2011 from 12:00 - 2:00 PM ET.

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Event Synopsis:

Reporting litigation loss contingencies continues to be an evolving, controversial and challenging area for many public companies and their financial executives, auditors, and legal advisors. Starting in 2008, the Financial Accounting Standards Board (FASB) made a series of proposals to amend rules in Topic 450 Statement on Loss Contingency Disclosures, formerly Statement of Financial Accounting Standards No. 5 (FAS 5), in ways that would require publicly traded companies to make more extensive disclosure than historically required. In the wake of hundreds of comment letters on FASB’s latest 2010 iteration of the proposed amendments, FASB deferred further action until December 2011. Meanwhile, however, the SEC has ramped up review and comment on public company reporting of litigation loss contingencies.

The FASB’s proposed changes to Topic 450, coupled with increased SEC scrutiny, has led many companies to re-examine their processes, procedures, and disclosure of litigation loss contingencies in their annual and quarterly filings. Finance executives as well as auditing and legal professionals need to understand this important and evolving landscape. Key issues include changes in how corporate auditors and legal counsel interact, protection of privileged communications, potential impacts on the ABA Treaty, and managing an array of corporate risks and challenges of more detailed litigation loss contingency reporting and disclosure.

The Knowledge Group has assembled a panel of key thought leaders and regulators to help financial and tax executives, auditors, and lawyers understand all the important issues with respect to this evolving topic. This live webcast is a must attend for all corporate financial and tax executives, as well as other accounting, auditing and legal professionals who need to be in the know and prepared to manage the challenges of more extensive loss contingency reporting.

About Thomas W. White

Thomas White is a partner in the Corporate Practice Group of WilmerHale. He joined the firm in 1979. Mr. White has practiced corporate and bankruptcy law at the firm since 1983. He is one of the firm’s leading practitioners in the area of corporate governance, and also has extensive experience representing corporate and institutional clients in complex business transactions.

He has advised numerous Fortune 100, mid-cap, and small-cap companies and their boards and management on key issues under the Act, including internal control over financial reporting, attorney responsibility policies, director/officer loans, whistleblowers and auditor independence. He also advises clients and their boards and management on difficult corporate law, securities and accounting issues, and in conducting internal investigations. Mr. White focuses particularly on issues arising from the intersection of law and accounting.

About WilmerHale

Including more than 300 seasoned corporate transactional lawyers and business counselors, WilmerHale’s corporate practice serves public and private companies, investment banks, venture capitalists, families and individual entrepreneurs throughout the world. WilmerHale’s corporate lawyers are renowned for their work in initial public offerings, venture capital, private equity, mergers and acquisitions, strategic alliances, corporate governance matters and the representation of start-up companies. Its business lawyers draw on the resources of WilmerHale’s intellectual property, tax, labor and employment, employee benefits, real estate, bankruptcy, litigation and antitrust practices to provide a one-stop solution to its corporate clients.

About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series

The Knowledge Congress was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format.

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