March 03, 2005
SEC Delays Section 404 for Small Companies and Foreign Private Issuers
The SEC is reliable. About a month ago, comments were made in London by Donald T. Nicolaisen, that they were considering a delay for Foreign Private Issuers. So here it is today. They made it official, for FPI's and small companies, there will be a delay for a year. Hopefully companies will use this time to work their projects wisely as opposed to procrastinating. Because if your company has had four years or more (Act was passed in August of 2002) and you still have big issues, then the market will not be kind.
"The Commission extended the original Section 404 compliance dates for all issuers in February 2004 (see Release No. 33-8392). Under the latest extension, a company that is not required to file its annual and quarterly reports on an accelerated basis (non-accelerated filer) and a foreign private issuer filing its annual reports on Form 20-F or 40-F, must begin to comply with the internal control over financial reporting requirements for its first fiscal year ending on or after July 15, 2006. This is a one-year extension from the previously established July 15, 2005, compliance date for non-accelerated filers and foreign private issuers. The Commission similarly has extended the compliance date for these companies relating to requirements regarding evaluation of internal control over financial reporting and management certification requirements. Please refer to Release No. 33-8545 for more detailed information."
For the entire news release, click here.
To learn how your company can effectively and affordably comply with Sarbanes-Oxley Section 404, see www.issuescentral.com to find out about a free trial with Sarbanes-Oxley Compliance Playbook(tm).
"The Commission extended the original Section 404 compliance dates for all issuers in February 2004 (see Release No. 33-8392). Under the latest extension, a company that is not required to file its annual and quarterly reports on an accelerated basis (non-accelerated filer) and a foreign private issuer filing its annual reports on Form 20-F or 40-F, must begin to comply with the internal control over financial reporting requirements for its first fiscal year ending on or after July 15, 2006. This is a one-year extension from the previously established July 15, 2005, compliance date for non-accelerated filers and foreign private issuers. The Commission similarly has extended the compliance date for these companies relating to requirements regarding evaluation of internal control over financial reporting and management certification requirements. Please refer to Release No. 33-8545 for more detailed information."
For the entire news release, click here.
To learn how your company can effectively and affordably comply with Sarbanes-Oxley Section 404, see www.issuescentral.com to find out about a free trial with Sarbanes-Oxley Compliance Playbook(tm).
