The accounting treatment of these pensions is explained in the following sections. In 2014, the AFSB published changes to the accounting rules and information on certain types of repo transactions. Under the new guidelines, certain repo transactions previously recorded as sales must now be accounted for as secured loans. The new rules also require enhanced disclosures. As a result, companies may be asked to reduce or eliminate the use of rest as a means of achieving off-balance-sheet financing. While stricter accounting rules are designed to prevent repo races such as those that lead to the failure of Lehman Brothers, lower use of the rest market could lead to increased volatility in short-term interest rates. Repo markets offer readily available funding to institutions such as securities dealers and hedge funds. They also allow institutional investors, such as pension funds and municipalities, to get a return on excess liquidity. . .