Financial guarantee insurance companies stand behind trillions of dollars in financial obligations — including many of the mortgages that have recently fallen into default.So the Securities and Exchange Commission had good reason to call for new disclosures and clarifications of existing accounting and financial reporting standards.

Well before the mortgage crisis, the Financial Accounting Standards Board accepted the SEC’s request and launched a project which in late May of this year culminated in Statement 163, Accounting for Financial Guarantee Insurance Contracts.

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