Going concern. The Board discussed a summary of key issues raised by external reviewers on a preliminary staff draft of a proposed Accounting Standards Update for this project. The Board decided that those issues should be deliberated at a future meeting and the staff draft revised based on the deliberations. Because this project may overlap with rules and standards of the SEC and the PCAOB, the Board directed the staff to obtain SEC and PCAOB input on the revised draft.

Disclosure of certain loss contingencies. The staff summarized for the Board comments received on the July 2010 Exposure Draft, Contingencies (Topic 450): Disclosure of Certain Loss Contingencies, and the major issues to be redeliberated. The Board did not reach any decisions at this meeting. The Board directed the staff to work with the staffs of the SEC and PCAOB to understand their efforts in addressing investor concerns about the disclosure of certain loss contingency through increased focus on compliance with existing rules. The Board also directed the staff to review filings for the 2010 calendar year-end reporting cycle to determine if those efforts have resulted in improved disclosures about loss contingences. The Board will begin redeliberations at a future meeting.

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