House Approves Sarbox Deadline Extension for SMBs

Lora Bentley

Late last week, the U.S. House of Representatives voted to delay the deadline by which public companies with market capitalization of less than $75 million must comply with the audit rules associated with Sarbanes-Oxley. Bloomberg.com reports the measure was included in a spending bill that funds the White House and other federal agencies.

 

In a 267-154 vote that the story says indicates their dissatisfaction with the SEC's efforts thus far to ease the compliance burden for small businesses, legislators approved a year-long delay in the Sarbox deadline for SMBs. The U.S. Chamber of Commerce voiced its support for the amendment in a letter to lawmakers, and indicated it may include members' ballots in its "How They Voted" scorecard.

 

The extension won't be effective unless the bill in which it is included is approved by the Senate and signed by the President, of course. Nonetheless, it is what many observers call a step in the right direction.



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