SEC will report on off-balance-sheet items

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05 May 2005

In remarks at the Spring Forum of the American Academy of Actuaries in Washington on 3 May 2005, US SEC Chief Accountant Donald T. Nicolaisen said that later this month the SEC will be releasing a report on special purpose entities, off-balance-sheet liabilities, and related matters including leases and pensions.

Section 401 of the Sarbanes-Oxley Act requires the SEC to study the filings by issuers and their disclosures to determine the extent of off-balance sheet transactions (including assets, liabilities, leases, losses, and the use of special purpose entities) and whether generally accepted accounting rules result in financial statements of issuers reflecting the economics of such off-balance sheet transactions to investors in a transparent fashion.


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