Small businesses still need an extension of the Sarbanes-Oxley section 404 compliance deadline, according to the Small Business Administration Office of Advocacy. Kansas City Infozine reports that Advocacy's chief counsel is urging the Securities and Exchange Commission to reconsider its decision not to grant an additional extension to companies with market values less than $75 million.
The request, which follows similar requests from Sens. John Kerry (D-Mass.) and Olympia Snowe (R-Maine) in their respective capacities as chairman and ranking member of the Senate Committee on Small Business and Entrepreneurship, is also in line with the opinion of the SEC's Advisory Committee on Smaller Public Companies, the article says. Extension advocates argue that the cost of Sarbox compliance in relation to revenue is still disproportionately heavy on small businesses.