Y2K Reporting for FASB

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…future litigation. It does not, however, discuss what pending litigation there is at this point. CONCLUSION The SEC requires year 2000 disclosure of historical and future losses. Companies must report all information affecting them with regards to state of readiness, costs (past and future), risks of the company, and any contingency plans currently in place. These disclosures are necessary to provide investors with the information they are entitled to and to minimize the possibility of litigation.