United States

SEC solicits comments on earnings releases and quarterly reports


The SEC recently issued a Request for Comment on Earnings Releases and Quarterly Reports. The request for comment seeks public input on how the SEC can reduce the burdens on reporting companies associated with quarterly reporting while maintaining or enhancing appropriate investor protection. The request for comment addresses:

  • The nature and timing of disclosures that companies must provide in their Form 10-Qs, including when the Form 10-Q disclosure requirements overlap with disclosures companies voluntarily provide in earnings releases furnished on Form 8-K
  • How the SEC can promote efficiency in periodic reporting by reducing unnecessary duplication in the information that companies disclose and how any such changes could affect capital formation, while enhancing, or at a minimum maintaining, appropriate investor protection
  • Whether SEC rules should allow reporting companies, or certain categories of reporting companies (e.g., smaller reporting companies, non-accelerated filers, emerging growth companies), flexibility as to the frequency (e.g., quarterly, semi-annual) of their periodic reporting
  • How the existing periodic reporting system, earnings releases, and earnings guidance may affect corporate decision making and strategic thinking, including whether these factors foster an inefficient outlook among companies and market participants by focusing on short-term results