Off-Balance-Sheet Financing

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IN THIS REPORT

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After evolving over the last quarter-century into one of the most popular corporate finance tools in the United States - taking such forms as securitizations, synthetic leases, and unconsolidated entities - it seems that off-balance-sheet financing is being deconstructed in a hurry.

The Securities and Exchange Commission and the Financial Accounting Standards Board have handed down new rules and guidance aimed at improving the transparency of financial statements. The SEC is rewriting its guidance on MD&A disclosure, introducing Regulation G, and rewriting its rules governing Form 8-K. FASB is trained on consolidation of variable interest entities, or VIEs (formerly known as special-purpose entities, or SPEs) and on loan guarantees.

Collectively, the new mandates are intended to help investors view companies through the ''eyes of management''; detractors say that these initiatives only cloud the issues.

At right, you'll find features from senior editor Marie Leone that will give you a clearer picture of the developing situation. Below, you'll find earlier CFO articles on off-balance-sheet financing, as well as our ''Enron archive'' - where you can read about how we got here, and what your colleagues feel we should do about it.

And if you missed our webcast on the future of off-balance-sheet financing, you can register to view the archive of this exclusive presentation - see the box below, right.

FEATURE ARTICLES

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RECOMMENDED READING ON OFF-BALANCE-SHEET FINANCING

ENRON ARCHIVE

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