Public comments on new SEC rule that shortens filing deadlines for larger firms indicate that SOX is enough headache for now
Under a proposed SEC plan, large corporations would have 60 days instead of 75 to file their annual reports after the end of a fiscal year, but commentators complain that a shorter deadline contradicts the Sarbanes-Oxley requirements for more accurate reporting.
The new plan would impact corporations with more than $700 million in outstanding shares held by non-affiliates. Such firms make up 95 percent of US equity market capitalization. Smaller firms would continue to have 75 days.
Public comments filed in response to the plan often point to the stress already caused by SOX compliance demands. Comments can be filed with the SEC through October 31.
A final vote on the new rule by the commission has not been set.
Source: IT Compliance Institute
