New York, NY, August 20, 2011 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that John R. Formica, Jr., Partner, PwC, 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.
For further details, please visit: http://knowledgecongress.org/event_2011_FASB_Topic450.html
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 John R. Formica, Jr.
John R. Formica, Jr. is a partner with the National Professional Services Group of PwC located in Florham Park, NJ. He is a leader in the Firm's thought-leadership efforts in the loss contingencies area. John has closely followed the FASB's deliberations on its loss contingency disclosure project and the IASB's recent deliberations on the accounting for loss contingencies. Previously, John spent more than 25 years serving public and large private manufacturing companies as an audit partner in the Hartford, CT office. John is a graduate of Providence College, with a BS in Accounting. He is a Certified Public Accountant and is licensed to practice in ten states. John is a member of the American Institute of Certified Public Accountants, and the Connecticut Society of Certified Public Accountants. He is on the Board of Directors of The Connecticut Forum, serving as its Treasurer, and the National Multiple Sclerosis Society - Connecticut Chapter.
About PricewaterhouseCoopers LLP
PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information. "PwC" and "PwC US" refer to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate and independent legal entity.
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.
To contact or register to an event, please visit: www.knowledgecongress.org.