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404(b) for Small Cos. Delayed to FYEs Until June 15, 2010

Melissa Klein Aguilar | October 2, 2009

Good news for non-accelerated filers: The Securities and Exchange Commission has granted them more time to begin providing audited assessments of their internal controls over financial reporting as required under Section 404(b) of the Sarbanes-Oxley Act,

The SEC announced the extension today at the same time it published the findings of its long-awaited study on the cost of complying with the statute's ICFR requirements.

The announcement means that the smallest public companies will begin complying with the provision in nine months, beginning with their annual reports for fiscal years ending on or after June 15, 2010, instead of for fiscal years ending on or after Dec. 15, 2009. That was the deadline under an earlier extension granted by the SEC so its Office of Economic Analysis could complete the study of whether additional guidance...

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