FASB Responds to SEC Study on Off-Balance Sheet Arrangements, Reaffirming Commitment to Address and Improve Outdated, Complex Standards

Priority Remains on Improving Transparency, Usefulness of Financial Reporting for Investors and Capital Markets

The FASB today reaffirmed its commitment to improving transparency and usefulness of financial reporting to better serve investors and the capital markets. The Board continues to see reducing complexity and improving transparency and overall usefulness of financial statements as key challenges facing the financial reporting system.

In its response to the SEC's "Off Balance Sheet Report" (the SEC Report) the FASB discusses a number of fundamental structural, institutional, cultural, and behavioral forces that it believes cause complexity and impede transparent financial reporting.

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