PracticeAuditUS shortens filing deadlines

US shortens filing deadlines

UK companies with US listings face tighter deadlines for filing reports

Regulators in the US are proposing to cut the deadline to 90 days from six
months.

Advisers have suggested the move could be difficult for some companies. Ian
Parker, a partner in KPMG’s US accounting and reporting group, said the proposal
took into account technological developments, which have speeded up the
production of accounts, but failed to recognise the additional work ­ in the
form of SEC documentation ­
which still had to be completed.

‘The SEC’s 20-F form is a
fairly long legal document which takes additional time to prepare,’ he said.
‘The tighter deadline will be problematic for some companies outside the UK who
are still preparing the GAAP reconciliation statement.’

The deadline has not been changed for 29 years, so a shorter time frame had
long been expected.

PwC’s global capital markets partner Tom Quinn said the proposal recognised
that the vast majority of companies already had this information available by
the end of April.

‘Most FTSE 100 companies already release annual information and earnings by
the end of February to early March. I don’t think there’s any good reason why
companies need to take an extra three months to file an annual report,’ said
Quinn.

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