In an effort to buy more time under Section 404 of Sarbanes-Oxley, Chordiant Software, Inc. recently announced that its board had voted to change the end of its fiscal year from Dec. 31 to Sept. 30, beginning with FY 2004.
The move means that Chordiant will not have to comply with the Securities and Exchange Commission’s disclosure rules relating to internal control over financial reporting until Dec. 15, 2005—seven and one-half months later than compliance would have been mandated if the company stuck to the Dec. 31 year-end date; accelerated filers must comply with Section 404 for their first fiscal year ending on or after Nov. 15, 2004.
