The U.S. Security and Exchange Commission's (SEC's) proposals would give companies more time to file quarterly reports. But the SEC will expect companies to improve the quality of their reports.
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On 21 September 2005, the SEC proposed a new “large accelerated filers” category for reporting under Section 404 of the Sarbanes-Oxley Act. Large accelerated filers (businesses with market capitalization of more than $700 million) would have to file annual reports within 60 days of their fiscal year-end, down from 75 days. It also proposed giving all businesses 40 days to submit quarterly reports, instead of 35 days. The SEC also further extended the reporting deadline for small companies — those with market capitalization of less than $75 million — by a year, to July 2007.
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