September 20, 2005
24th Annual SEC Government Business Forum on Small Business Capital Formation Update
In San Francisco yesterday, SEC Commissioner pre-announced the expected Section 404 delay for smaller companies. It will be officially announced to the public Wednesday.
Roundtables to discuss the concerns around small business capital formation were held.
The SEC is looking from input from industry experts on how to tackle the tough issues of helping small companies grow while still allowing the public some security that financial statements and filings of smaller companies can be trusted. There is a higher percentage of material weaknesses reported by smaller companies. Much of this is not fraud but merely lack of staff and access to the same expensive accounting and legal resources that larger companies have.
Today the SEC Advisory Committee on Smaller Public Companies holds its meeting in San Francisco as well. The Committee is wrestling with the idea of what is a "small company". More to come later today as the sessions finish at 1:30pm Pacific time.
Roundtables to discuss the concerns around small business capital formation were held.
The SEC is looking from input from industry experts on how to tackle the tough issues of helping small companies grow while still allowing the public some security that financial statements and filings of smaller companies can be trusted. There is a higher percentage of material weaknesses reported by smaller companies. Much of this is not fraud but merely lack of staff and access to the same expensive accounting and legal resources that larger companies have.
Today the SEC Advisory Committee on Smaller Public Companies holds its meeting in San Francisco as well. The Committee is wrestling with the idea of what is a "small company". More to come later today as the sessions finish at 1:30pm Pacific time.
