There’s still time to shove it under the bed….
New accounting rules requiring companies to ‘fess up about their off-balance sheet obligations will require many companies to start pulling back the curtain on these formerly hidden obligations by the end of next month. Despite this, PG&E, the large California energy company, is still trying to figure it all out. In its 10-Q filing for the second quarter, the company said it was still trying to determine just how much it would have to reveal come September. Given that many energy companies — think Enron here — were pretty creative in their use of off-balance sheet obligations, it’s easy to understand why PG&E appears to be dragging their feet.