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1、JournalofAccounlingEducotron,Vol.II,pp.313-320,19930748.5751/93$6.00+.OOPrintedintheUSA.Allrightsreserved.Copyright01993PergamonPressLtd.BetaAlphaPsi1993FirstPlaceUndergraduateManuscriptOFF-BALANCESHEETRISKS:WHATARETHEYANDWHYISTHEIRDISCLOSUREIMPORTANT?EdwardR.MorrisonUNIVERSITYOFUTAHGeneralM
2、otors(GM)hasbrokenarecord.TheBig-Threeautomakerpostedaphenomenal$23.5billionlossforfiscalyear1992(White,1993,p.A3).Paradoxically,thisworld-recordlossaccompaniedreportsthatGMgeneratedincomeof$92millionfromoperationsin1992(Dubrowski,1993).Theaccountingdataseemcontradictory:HowcouldGMincurareco
3、rdlosswhenitsoperationsareimproving?Theanswer:GMrecordedaone-timehit.Companyexecutivesrecog-nizedthecumulativeeffectofpreviouslyundisclosedliabilitiesforpostre-tirementbenefits-namely,a$20.8billionobligationforretireemedicalbenefits.PriortoissuanceofGMs1992financialstatements,theseliabili-ti
4、eswereoff-balancesheet.Thatis,theyexistedoutsidetherealmoffinan-cialreporting.GMisnotalone.Manycompaniesmaintainoff-balancesheetassetsandliabilities.Thisessayexploressomeofthecriticalissuessurroundingoff-balancesheetrisks(O&S&),namely,(1)thenatureofOBSR,(2)mana-gerialmotivationtopursueoff-ba
5、lancesheetactivities,(3)theimportanceofdisclosingtheseactivities,and(4)theFinancialAccountingStandardsBoard(FASB)crusadetocontrolOBSR.OFF-BALANCESHEETRISKS:DEFININGTHEPROBLEMThetermoff-balancesheetrisksappearsinfrequentlyinaccountingpub-lications.Thetermisusuallydefinednarrowlyinconnectionwi
6、thState-mentofFinancialAccountingStandards(SFAS)No.105,FinancialIn-strumentsWithOff-BalanceSheetRisk.Thisessay,however,treatsOBSRsbroadlyasatermdescribingobligations,contingencies,orpoten-tialaccountinglossesthatdonotappearon-orareinadequatelydisclosedin-acompanysbalancesheet.OBSRsrepresentt
7、hepossibilityorhazardthattheseundiscloseditemswillcauseunexpectedchangesinfirmcashflow,liquidity,orleverage.OBSRsarisefromawiderangeoffinancingactivities.Theseactivitiescreatedisparityorgapsbetweenacompanysreportedandactualliabili-tiesandassets.Som
