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U.S. financial regulators are proposing a change to how frequently publicly traded companies report financial results, moving from quarterly filings to optional semiannual reporting. The Securities and Exchange Commission (SEC) released an amended proposal on Tuesday for companies on Wall Street to report on a semiannual basis.
SEC officials said the shift in reporting frequency would not change the type of information companies disclose publicly. Companies that choose to report twice a year would be expected to file a new form—Form 10-S—in place of the traditional Form 10-Q.
SEC Chairman Paul Atkins said the current framework is too rigid and prevents companies and investors from selecting an interim reporting schedule that best fits their needs. In a statement, Atkins said the SEC’s rules have “prevented companies and their investors from determining for themselves the interim reporting frequency that best serves their business needs and investors,” adding that the proposed amendments, if adopted, would provide “increased regulatory flexibility.”
The SEC also attempted to address concerns from investors by stating that companies can still hold quarterly earnings calls even if they opt for semiannual reporting. The regulator said the two practices are not mutually exclusive.
Critics, however, are skeptical that companies would continue quarterly earnings calls if they are not required to make public disclosures as frequently.
Under the proposal, companies would be able to opt in for semiannual reporting at the start of each fiscal year. The SEC said the public comment period will run for the next 60 days after the proposal is published in the Federal Register.
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