Are there any areas of heightened risks and uncertainties for 2005 financial reporting?

There are several areas of disclosures that are of heightened concern in 2005 financial statements. Depending on the nature of its business and the composition of the users of its financial statements, a company may need to use extra care on disclosures related to interest rates, consumer spending patterns, and supply chain disruptions. Following are examples of questions a company might ask itself.

• Does the company's pension discount rate reflect current interest rates? The SEC has been challenging assumptions about the discount rates used by public companies in calculating the present value of their pension obligations. Discount rates typically rise and fall with interest rates.

Although FASB Statement No. 87, Employers' Accounting for Pensions, explains that discount rates should reflect either the rates of return on high-quality bonds or the rates implicit in annuity contracts, significant variations in assumed discount rates persist. Recently, the SEC staff indicated that ... more.

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