SEC Company Types - Help. 909

  • According to the SEC regulations, there are two types of companies with two different deadlines to comply with the 404 Section. I wonder how I can get these lists.
    And Does costs of compliance with Sarbanes-Oxley are reflected in Income Statements? (the item Selling General and administrative)???

  • The criteria is the size of the company or base location.
    Section 404: mandatory to all accelerated filers (capitalization above 75 mios) with year ending November 2004 and onwards;
    and to non-accelerated and foreign private issuer with fiscal year ending July 15, 2006 or after.
    If I am wrong, I would be glad to be corrected.

  • Accelerated filer
    An issuer is an accelerated filer after it first meets the following 4 conditions as of the end of its fiscal year:
    i. The aggregate market value of the voting and non-voting common equity held by non-affiliates of the issuer is USD 75 million or more;
    ii. The issuer has been subject to the requirements of Section 13(a) or 15(d) for a period of at least twelve calendar months;
    iii. The issuer has filed at least one annual report pursuant to Section 13(a) or 15(d);
    iv. The issuer is not eligible to use Forms 10-KSB (Optional Form for Annual and Transition Reports of Small Business Issuers and 10-QSB (Quarterly and Transition Reports of Small Business Issuers for its annual and quarterly reports)
    Extension of compliance dates for non-accelerated filers and foreign private issuers regarding internal control over financial reporting requirements pursuant to Section 404 of the Sarbanes-Oxley Act:
    Must begin to comply with the internal control over financial reporting requirements for its first fiscal year ending on or after July 15, 2006

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