SEC postpones internal control deadlines.The commission extended the time frame for complying with internal control requirements under section 404 of the Sarbanes-Oxley Act See SOX. of 2002 (www.sec.gov/ rules/final/33-8392.htm). The act requires public companies to include in their annual reports evaluations--from both management and the external auditor--of their organizations' internal control over financial reporting. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the revised schedule, "accelerated" filers--that is, U.S. companies that have equity market capitalization Equity Market Capitalization A measure of the total market value of an equity market. The measure is calculated by taking the market capitalization of all companies in the equity market and adding them together to arrive at the capitalization for the market as a whole. greater than $75 million and have filed at least one annual report with the commission--must comply with the act's provisions for their first fiscal year ending on or after November November: see month. 15, 2004, instead of June June: see month. 15, 2004, as originally required. Similarly the SEC has deferred the compliance deadline for nonaccelerated domestic filers and certain foreign companies to July 15, 2005, from April 15, 2005. The commission also gave registered investment companies--which include mutual funds and investment trusts--until November 15, 2004, to comply with Investment Company Act internal control provisions. |
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