Securities and Exchange Commission: Disclosure in Management's Discussion and Analysis About Off-Balance Sheet Arrangements and Aggregate Contractual Obligations
GAO-03-463R: Feb 19, 2003
- Full Report:
GAO reviewed the Securities and Exchange Commission's (SEC) final rule on off-balance sheet arrangements and aggregate contractual obligations disclosure. GAO found that (1) the rule implements section 401(a) of the Sarbanes-Oxley Act of 2002 and requires the disclosure of off-balance sheet arrangements, (2) the rule would require a registrant to provide an explanation of its off-balance sheet arrangements in a separately captioned subsection of the "Management's Discussion and Analysis" section of a registrant's disclosure documents, and (3) SEC complied with applicable requirements in promulgating the rule.