Public Companies' Earnings Report Disclosure Reduced to Semiannual Frequency After White House Review

BlockBeats News, May 1st, the U.S. Securities and Exchange Commission (SEC) has allowed public companies to reduce their financial reporting frequency from quarterly to biannually, a plan that has passed White House review, moving a step closer to implementation. According to information on the U.S. government website, the review was completed earlier this week, enabling the SEC to formally announce the plan and solicit public feedback.

After receiving feedback, the commissioners will need to vote again on the final version of the rule before it can take effect. The vote usually takes place several months later. Since President Trump called for quarterly reports to be changed to biannual reports last year, the SEC has been advancing this plan to reform corporate disclosure requirements. Since 1970, U.S. public companies have been required to disclose financial information on a quarterly basis.