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OGC-97-20 1 (1997-02-25)

handle is hein.gao/gaobablpz0001 and id is 1 raw text is: G AO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-276130 February 25, 1997 The Honorable Alfonse M. D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Securities and Exchange Commission: Disclosure of Accounting Policies for Derivative Financial Instruments and Derivative Commodity Instruments Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC), entitled Disclosure of Accounting Policies for Derivative Financial Instruments and Derivative Commodity Instruments (RIN: 3235-AG42/RIN: 3235-AG77). We received the rule on February 3, 1997. It was published in the Federal Register as a final rule on February 10, 1997. 62 Fed. Reg. 6044. This rule amends existing rules and forms for domestic and foreign issuers to clarify and expand disclosure requirements for market risk sensitive instruments. The amendments also require enhanced disclosure of accounting policies for derivative financial instruments and derivative commodity instruments in the footnotes to the financial statements. The amendments expand existing disclosure requirements to include quantitative and qualitative information about market risk inherent in market risk sensitive instruments and provide safe harbor protection to this information. In the aggregate, these amendments are designed to provide GAO/OGC-97-20

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