On September 17th, the SEC proposed for comment new rules that would require companies to disclose their short-term borrowing arrangements. The proposed rules are intended to assist in understanding whether the amounts of short-term borrowing a company reports at the end of a reporting period is consistent with amounts of outstanding short-term borrowing throughout that reporting period. The additional short-term borrowing disclosure information would be presented in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of a company's quarterly and annual reports. In a companion interpretive release the SEC provided guidance intended to improve overall discussion of liquidity and capital resources in MD&A in order to facilitate understanding by investors of the liquidity and funding risks facing the registrant. The interpretive release is effective immediately. Comments on the proposed rules should be submitted within 60 days after publication in the Federal Register, which is expected during the week of September 27th. SEC Press Release (with fact sheet). See also CFO.com (discussing the Commissioners' unanimous vote).