ICYMI: Last September, President Trump truthed about quarterly reporting at 8 in the morning in what seemed like little more than deep thoughts one has while sitting on the can at that hour:
Subject to SEC Approval, Companies and Corporations should no longer be forced to “Report” on a quarterly basis (Quarterly Reporting!), but rather to Report on a “Six (6) Month Basis.” This will save money, and allow managers to focus on properly running their companies. Did you ever hear the statement that, “China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis???” Not good!!!
This is what we had to say about it at the time:
Then we promptly forgot about it because it didn’t seem like the kind of thing that would go anywhere. Oops.
Wall Street Journal reported this week that the SEC is working on a proposal to end quarterly reporting and we should expect to see it soon:
The Securities and Exchange Commission is preparing a proposal to eliminate the requirement to report earnings quarterly and instead give companies the option to share results twice a year, according to people familiar with the matter.
The regulator could publish the proposal as soon as next month, the people said. In preparation for the proposal, regulators have been talking to officials at the major exchanges to discuss how they may need to adjust their rules.
The Europeans have been doing this for a while now and it seems to work there so who knows. Next step is to await the proposal and see what kind of public comment comes in after that. For now, here’s a discussion PwC put out last year to get you caught up on the basics should you need it:
Cool. Will it be called the Form 10-H? Or will it still be the 10-Q?
But seriously, where are the Epstein files?