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Sarbanes-Oxley News & Developments
Rethink Off-Balance-Sheet Reporting: SECOne hundred companies moved nearly $8 billion in assets with outstanding liabilities off their balance sheets, according to a recent SEC report. By contrast, retained interests actually reported on balance sheets equaled about $1.6 billion.
> > Accounting authorities should rethink current guidance on how to report the financial results of leases and defined-benefit pension plans and continue to explore the possibility "of reporting all financial instruments at fair value," the SEC asserted in a recent staff report on off-balance-sheet arrangements and special-purpose entities released last week.
Further, the FASB should press on with improving current guidance on whether public companies should consolidate SPEs on their balance sheets, according to the SEC report, which was issued in compliance with Section 401c of the Sarbanes-Oxley Act.
Source: CFO
Published:2005-06-20
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