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Acceleration of quarterly and annual filings.

In mid-Apr., the SEC proposed to shorten the filing deadlines for certain companies from 45 to 30 calendar days after period end for quarterly reports and from 90 to 60 calendar days after fiscal year end for annual reports. In commenting on this proposal, the AICPA SEC Regulations Committee supported the commission's goal to provide investors with access to information that is clear, accurate and timely, but expressed concern that a number of factors will make it difficult for some companies to present quality financial information and also comply with the proposed reporting deadlines. For this reason, the committee encouraged the SEC to consider alternative ways of achieving the objective of more timely filings. Specifically, the committee suggested the SEC consider requiring companies to file Forms 10-Q and 10-K with the SEC based upon a specified number of days after the company's quarterly or annual earnings release. The AICPA's comment letter can be found on the AICPA Web site (www.aicpa.org).
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Publication:CPA Letter
Geographic Code:1USA
Date:Jul 1, 2002
Words:162
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