Goldman Sachs joined the trend to include the possible negative effects of the U.S. debt downgrade among the risk factors in the footnotes section of their Form 10-Q.

" On August 5, 2011, Standard & Poor's lowered the long-term sovereign credit rating of U.S. Government debt obligations from AAA to AA+. On August 8, 2011, S&P also downgraded the long-term credit ratings of U.S. government-sponsored enterprises. These actions initially have had an adverse effect on financial markets and although we are unable to predict the longer-term impact on such markets and the participants therein, it might be material and adverse," it said in a statement.

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Compliance officers may want to consider following a recent trend by companies to include the possible negative effects of the U.S. debt rating downgrade as part of their business risks disclosure in the quarterly statement filing to the Securities and Exchange Commission or Form 10-Q. Following the U.S. debt rating downgrade announcement by rating agency Standard & Poor's on Aug. 5, some companies took the initiative early this week to account for the risk factor in their quarterly filing.

As highlighted by Footnoted.com, Morgan Stanley filed its 10-Q on Aug. 8 to include the U.S. rating downgrade as one of the risks which could potentially affect its business. The company said in its disclosure filing, “Because of the unprecedented nature of negative credit rating actions with respect to U.S. government obligations, the ultimate impacts on global markets and our business, financial condition, and liquidity are unpredictable and may not be immediately apparent.”

Other companies joining the practice include Oklahoma-based car rental company Dollar Thrifty Automotive Group and venture capital firm Haris & Haris Group. Both companies cited in their filing disclosures possible adverse effects on their future earnings due to uncertainty in the country's economy following the rating's downgrade.

Federal regulators had earlier issued a joint statement to all banking organizations to maintain the same treatment on federal debt despite the rating's downgrade.