Staff report: off-balance sheet arrangements, SPEs.The SEC's report on off-balance sheet arrangements, special purpose entities and related issues recommends a rethinking of current guidance on reporting the financial results of leases and defined-benefit pension plans defined-benefit pension plan A pension plan in which retirement benefits rather than contributions into the plan are specified. Thus, a retired employee who has reached a certain age with a given number of years of service and has earned a certain income is , while pressing for reporting all financial instruments at fair value. The report, prepared pursuant to SOX (1) (Schema for Object-oriented XML) An XML schema developed by Veo Systems and Muzino Communications, which was submitted to the W3C. SOX is based on DTD, but adds data typing and reuse mechanisms. Sec. 401(c), also recommends that FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). continue to improve guidance regarding which public companies should consolidate special purpose entities on their balance sheets. The report also recommends the need for more transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. in lease accounting. For more information, visit http://sec.gov/news/press/2005-91.htm. |
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