SEC to Small Business: Don't Bet on Another Sarbox Extension

Lora Bentley

How many times has the Securities and Exchange Commission said it's not planning to extend the Sarbox 404 deadline for small companies? At least twice in recent months -- and I wouldn't be surprised if we've missed a couple more.

 

Nonetheless, FinancialWeek reports, some small businesses are hedging their bets that the SEC will approve yet another last-minute extension. They're taking their time implementing the Sarbanes-Oxley section 404 requirements, and it may come back to haunt them. In a speech to the American Bar Association, the SEC's corporate finance division director said additional delays for small businesses are "not planned."

 

Management assessments for "non-accelerated filers" are due in 10-Ks filed after Dec. 15, the story says, so small companies that are still procrastinating could be in trouble. As Accretive Solutions accounting SVP Dirk Hobgood puts it:

It's a bit like squirrels putting away nuts for the winter. If non-accelerated filers don't get started on compliance soon, it could be a long winter.

Investors may not worry if the assessments aren't included in 2008 filings, but the SEC may make examples of well-known companies that file late.



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