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AAA Spark Meeting of Regions

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Noncompliance with Accounting For Contingencies In The U.S. by Hiding Behind the American Bar Association Treaty

Mon, May 24, 5:00 to 6:00pm, Virtual, TBA

Abstract

G. Anthony Lopez, Instructor at Metropolitan State University of Denver/University of Denver Executive PhD Candidate

Abstract

The purpose of this study is to investigate the impact the American Bar Association Treaty (ABA Treaty) has had since its issuance in 1976 on noncompliance by US public companies with US Generally Accepted Accounting Principles (GAAP) related to litigation contingencies. Current research on this issue is limited and the research is this study will attempt to contribute broader empirical information on the topic. The American Bar Association has used the lack of such empirical information to ignore the impact the ABA Treaty has on GAAP. Our research question is to what extent has the ABA Treaty contributed to noncompliance with GAAP by US public companies related to potential litigation and settlements? Our hypothesis is that it directly contributes to noncompliance with GAAP. Our methodology is to use the field method in obtaining our evidence. We believe that the results of the study will inform US regulators overseeing public companies and US accounting setting standard setters.

Keywords: ABA Treaty, contingent liabilities, disclosure of litigation, claims, and assessments, SFAS 5, ASC 450, disclosure of loss contingencies, legal compliance with SFAS 5/ASC 450, legal compliance with contingencies, American Bar Association Statement of Policy Regarding Lawyers’ Responses to Auditors’ Requests for Information.

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