Big 5 petition SEC to require more disclosure

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10 Jan 2002

In response to the Enron bankruptcy, the Big 5 accounting firms, including Deloitte & Touche, and the AICPA have jointly petitioned the SEC to issue an interpretive release that would require enhanced disclosures about: (1) liquidity and capital resources including off-balance sheet arrangements; (2) certain trading activities that include non-exchange traded contracts accounted for at fair value; and (3) relationships (including those with special purpose entities) and transactions on terms that would not be available from clearly independent third parties.

This would apply to annual reports on Form 10-K and other reports filed after the date of the issuance of the release. Click to Download the Full Text of the Petition (PDF 105k). The Big 5 and the AICPA have also jointly issued an Assessment of Risk Factors for 2001 Financial Statements (PDF 52k).

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