Refers to the presentation or announcement of positions. In portfolio and risk management it focuses on positions and the associated risk profiles. While strides can be made in depicting greater transparency, reports by their very nature are historic. Many financial institutions experience continuous change in assets, liabilities and equity. Positions during the day may significantly be greater than end-of-day positions. Nevertheless, explanations or realistic descriptions of intraday, end-of-day, and intraperiod and end-of-period positions and risks is useful. This transparency activity reduces the mystery of financial positions. Often substantial off-balance sheet items such as forwards, futures, swaps, and unsettled transactions could have a material impact on an organization's finances.