What was the first year that 404 was in effect? 2757
Hoiya last edited by
Was it 2003, or 2004?
gmerkl last edited by
That’s a complex question that depends on several factors.
- whether you mean section 404(a) (i.e. management’s assessment of the effectiveness of internal control over financial reporting) or section 404(b) (i.e. the auditor’s attestation to the effectiveness of ICFR)?
- whether you mean large accelerated filers, accelerate filers or non accelerated filers
- whether you mean domestic issuers or foreign private issuers
Depending on those factors we are talking about fiscal years ending on or after the following dates:
section 404(a) section 404(b)
Domestic large or accelerated filer Nov. 15, 2004 Nov. 15, 2004
Foreign large accelerated filer July 15, 2006 July 15, 2006
Foreign accelerated filer July 15, 2006 July 15, 2007
Domestic or foreign non-accelerated Dec. 15, 2007 June 15, 2010
The compliance date for section 404(b) for non-accelerated filers has only been proposed by the chairman of the SEC and one other commissioner. The SEC needs to hold a full meeting of all commissioners to issue a proposed rule to postpone compliance to that date. After a periodic of public comment they need to issue a final rule that postpones compliance to fiscal years ending on or after that date.
The question whether your company is a domestic filer (i.e. from the USA)or a foreign private issuer primarily depends on the law of the states of the US or the foreign country under which the company was established. Non-accelerated filers have a market cap below USD 75 million. Accelerated are below USD 700 million and large accelerated filers are above.