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).