Thursday, November 18, 2004

SEC Delays Annual Report Filing Deadline

The U.S. Securities and Exchange Commission said on Wednesday it was postponing by one year a deadline for large corporations to speed up filing of annual and quarterly financial reports with the SEC.
After numerous requests for a delay, the SEC said it pushed back the deadline to give companies and corporate auditors more time to comply with new rules on internal controls over financial reporting mandated by Congress.

The SEC had moved to speed up corporate reports before Congress ordered companies to beef up their internal controls over financial reporting with the approval of their auditors.

The internal controls rule prompted many companies to complain they could not comply with that as well as meet the accelerated filing deadlines.

In a bid to get financial information into investors' hands more quickly, the SEC in 2002 shortened the submission period for corporate annual report filings to 75 days from 90 days after the end of the fiscal year, effective for 2003 reports.

This year, the submission period was scheduled to shrink to 60 days from 75 days, effective for 2004 annual reports; and to 35 days from 40 days for 2004 quarterly reports, the SEC said.

SEC Delays Annual Report Filing Deadline

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