Quarterly disclosures - 308(c) of Regulation S-K 797
lekatis last edited by
For many companies 404 has gone… time for 308 of Regulation S-K
REGULATION S-K: STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND CONSERVATION ACT OF 1975 REGULATION S-K (http://www.sec.gov/divisions/corpfin/forms/regsk.htm#internal).
308 Changes in internal control over financial reporting. Disclose any change in the registrant’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of 240.13a-15 or 240.15d-15 of this chapter that occurred during the registrant’s last fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Instructions to Item 308
- The registrant must maintain evidential matter, including documentation, to provide reasonable support for management’s assessment of the effectiveness of the registrant’s internal control over financial reporting.
- A registrant that is an Asset-Backed Issuer (as defined in 240.13a-14(g) and 240.15d-14(g) of this chapter) is not required to disclose the information required by this Item.
308: Your company must disclose any change in internal control over financial reporting identified in connection with the evaluation that occurred during last fiscal quarter
What? Disclosure of changes to internal controls has been required by Section 302 of Sarbanes-Oxley, three years now…
What? Quarterly updates before filing the first 10-K assessment of their internal control over financial reporting?
It is fact that there is some uncertainty there.
My opinion: We have to disclose the changes before filing the first 10-K assessment. We must do both, 308 of Regulation S-K AND Section 302 of Sarbanes-Oxley