SEC Top Accountant Wants Action Soon on off-Books Deals (no FASB postpone)

[papau]

This is big news - if it happens the corporate client controlled accounting firms that controll the FASB "standards" process, will have caved and begun to provide real econ info in their annual reports! "Special purpose entities," or SPEs, are off-book and hide the real econ situation at a firm. Putting them back on the books would be huge!

:-)


http://ap.tbo.com/ap/breaking/MGAZNTYG4OD.html

SEC Top Accountant Wants Action Soon on off-Books Deals
By Judith Burns The Associated Press

WASHINGTON (Dow Jones/AP) - Enron-style off-the-books deals need to be put on the books, preferably this year, the top accountant at the Securities and Exchange Commission said Thursday.

Two years after Enron Corp. collapsed, rule makers are continuing to wrestle with standards for what used to be called "special purpose entities," or SPEs.

Although the Financial Accounting Standards Board has deferred action once already, SEC chief accountant Donald Nicolaisen suggested once is enough, at least for "notorious SPEs that have been off the balance sheet," where investors cannot see them.

"To be brutally honest, I'd be very disappointed if the standard gets delayed, at least with respect to SPEs for this year," Nicolaisen told a meeting of the American Institute of Certified Public Accountants. <snip>

...FASB meets next Wed to vote on - or postpone - or waterdown SPE's to minor disclosure status, new rule FIN 46 on SPE's. :-)

[Code_Name_D]

1. Oh we know where this one is going.

Its dead on arivel. And I bet you that Nicolaisen will be looking for a new job soon.

[54anickel]

2. Well, it would bring on the inevitable crash sooner as opposed to later

so that we can finally begin rebuilding the economy from scratch. I'm all for putting us out of our misery ASAP rather than a slow, agonizing death.:evilgrin: