SEC Proposes Amendments to Permit Optional Semiannual Reporting by Public Companies

On May 5, the SEC proposed amendments that would permit public companies to file semi-annual reports on Form 10-S instead of quarterly reports on Form 10-Q. Public companies would have the option to take either filing approach, with Form 10-S replacing Form 10-Q for those selecting that option.  New Form S would require narrative disclosures and financial information that are similar to those included in Form 10-Q, but for a six-month period.  The proposal also includes conforming amendments to the financial statement requirements of Regulation S-X. As proposed, Form 10-S would be due 40 days after the end of the first six months of the fiscal year for large-accelerated filers and accelerated filers, and 45 days after that date for non-accelerated filers, which aligns with the existing second quarter Form 10-Q deadlines.

Click here for the SEC Press Release. 

Click here for the Rule Proposal.