SEC delays deadline for small issuers' internal controls reports

Healthcare Financial Management, Jan, 2005

The Securities and Exchange Commission extended the deadline by 45 days for internal controls reporting for smaller issuers. The SEC stated that it was sensitive to resource constraints at accounting firms and smaller public companies. The delay affects certain "accelerated filers" that are trying to meet the requirements of Section 404 of the Sarbanes-Oxley Act.

An accelerated filer is defined as any company that has a public float of at least $75 million, has been subject to the SEC's periodic reporting requirement for at least 12 months and has filed one annual report, and is not eligible to use the SEC's small business reporting forms.

All other information required in annual reports, including audited financial statements, must be filed on the original due date for the annual reports. The delay applies to accelerated fliers that have a fiscal year ending between November 15, 2004, and February 28, 2005, with a public equity float of less than $700 million at the end of its second fiscal quarter in 2004.

To read about the SEC deadline extension for smaller issuers, go to www.sec.gov/news/press/2004-162.htm.

To use HFMA's Internet Guide to Corporate Responsibility to find useful links to additional resources, go to www.hfma.org/resource/corpguide.htm.