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Deep Tide TechFlow News, May 1st, the plan for the U.S. Securities and Exchange Commission (SEC) to allow publicly traded companies to reduce the frequency of financial report disclosures from quarterly to semi-annual has been approved by the White House, bringing it closer to implementation. According to information from the U.S. government website, the review was completed earlier this week, allowing the SEC to officially announce the plan and seek public comments.
After receiving feedback, the commissioners will need to vote again on the final version for it to take effect. The voting usually occurs several months later. Since President Trump called for changing quarterly reports to semi-annual reports last year, the SEC has been pushing forward with this reform of corporate information disclosure requirements. Since 1970, U.S. listed companies have been required to disclose financial information quarterly.