SEC reveals new disclosure framework
WASHINGTON, DC – The Securities and Exchange Commission (SEC) has released the much-anticipated report on off-balance-sheet arrangements and special purpose entities (SPEs), with a call to improve disclosure of SPEs' activities and to tighten financial reporting rules.
Ineffective regulation of off-balance-sheet arrangements and SPE activities is cited to have been the major cause of corporate governance crises that led to the collapse of Enron and WorldCom in the US, which are considered to have been the precursors of wider, global corporate governance crisis that followed.
The report, mandated by the Sarbanes-Oxley Act of 2002 and issued by the departments of
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