Take the example of Williams, an Oklahoma-based energy company that delayed releasing its final 2001 results while it worked out exactly how to treat potential liabilities related to its telecoms unit.

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In terms of market-moving surprises from Bank of America, Villalta says that any big news from the bank will likely be related to the legal liabilities the bank faces over its Countrywide unit and its mortgage problems.

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The state also uses a liability estimation method (the Projected Unit Credit method) that modestly understates accrued pension benefits, and amortizes its unfunded pension liabilities over a period slightly longer than the 30 years recommended by GASB.

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