BDO USA Responds to SEC Proposal to Accelerate Filings

As discussed in our previous issue of Financial Reporting, the SEC proposed to shorten filing deadlines for periodic reports as part of a series of initial steps to modernize and improve the corporate disclosure system (Release 33-8089, Acceleration of Periodic Report Filing Dates and Disclosures Concerning Website Access to Reports (http://www.sec.gov/rules/proposed/33-8089.htm)). The most significant and controversial aspect of this proposal involves cutting by 1/3 the time companies have to file annual reports on Form 10-K (60 days after year-end) and quarterly reports on Form 10-Q (30 days after quarter-end).

Below is a link that will take you to our comment letter on the Release, which expresses serious concerns that the potentially reduced reliability of the periodic reports would greatly exceed the incremental timeliness produced by accelerating the due dates.

We would, in turn, be most interested in hearing your views on the proposal. Please contact the BDO USA, LLP partner serving you if you would like to discuss our comment letter and the implications of the Release on your company.

Continue Reading - BDO USA's Comment Letter