The US Securities and Exchange Commission (SEC) has announced that publicly-held US corporations will be given more time to comply with SOX, a set of corporate governance regulations that relate to the timely and accurate reporting of quarterly and annual finances.
The regulations also require the company’s senior management to file a report on internal controls over financial reporting as well as an accompanying auditor’s report.
The original SOX deadlines were to have come into effect in April and June this year.
The SEC has classified companies into two categories: accelerated filers, those companies with a market cap of over $75m; and non-accelerated filers.
Accelerated filers now have until November 15, 2004 for their first fiscal year ending on or after this date to comply with SOX instead of the original June 15, 2004. Non-accelerated filers have been granted an extension of July 15, 2005, instead of April 15, 2005.
This article is based on material originally published by ComputerWire