SEC extends SOX deadline for foreign companies.
Author | Swartz, Nikki |
Position | UP FRONT: News, Trends & Analysis - Brief Article |
On March 2, the Securities and Exchange Commission (SEC) extended the deadline for mid-sized U.S. public companies with revenue of $75 million or less and foreign public companies to comply with Section 404 of the Sarbanes-Oxley Act (SOX), which requires companies to report annually on the adequacy and effectiveness of their internal financial controls. The new deadline, July 15, 2006, is a one-year extension from the previously established deadline.
Generally speaking, the extension applies to those businesses incorporated or organized outside the United States with more than half of their ownership, management, assets, and/ or administration outside the United States.
Many European companies face burdens "above and beyond" those of U.S. companies as the European Union moves to adopt international financial reporting standards for the first time, SEC Chairman William Donaldson said. According to Donaldson, the changes will make it easier for new users of the European Union accounting rules--the International Financial Reporting Standards (IFRS)--to list on U.S...
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