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Meeting New Filing Deadlines: A 12-Step Plan

Steve Eddy and Tom Watson | January 23, 2003

Faster. Better. Smarter. In today's marketplace, these terms describe the expected. Faster response times, better communication tools, smarter computer chips. And now - under the Securities and Exchange Commission - faster, better, smarter closes.

An estimated 6,500 public companies will be subject to the new SEC rule requiring more timely closing and reporting - closing the company books and reporting results publicly. Some 75%, or 4,900, of those companies will have to make substantive procedural changes. The rest are either already in compliance, or can be with relatively minor changes.

Faster and smarter month end closes will be necessary in order to meet the new SEC rule requiring quarterly 10-Q reports to ultimately be filed 35 days after quarter's end and annual 10-K reports ultimately filed 60 days after year end. The current rule allow companies 45 days for filing the 10-Q and 90 days...

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