New York (March 11, 2004) -- Four in 10 U.S. multinational companies won't be able to meet the Securities and Exchange Commission's accelerated corporate reporting requirements without significant internal changes in procedure, according to a survey by PricewaterhouseCoopers.
The SEC has been pushing for accelerated filings as a way to improve investor confidence in the wake of corporate and accounting scandals. The new rules, to be phased in over the next two fiscal years, ultimately require companies' quarterly reports to be filed 35 days after a quarter's end, and annual reports to be filed 60 days after year-end. Currently, companies are allowed 45 days for the quarterly 10-Q reports and 90 days for the annual 10-K.
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