At a meeting on May 9, the SEC voted to propose amendments to the definitions of the terms “accelerated filer” and “large accelerated filer.” If the amendments are adopted, companies that qualify for “smaller reporting company” status with less than $100 million in revenues in the most recent fiscal year would be excluded from the definitions. As a result, they would not be required to obtain independent auditor attestation of their internal control over financial reporting. The amendments, which are subject to a 60-day public comment period, would also change the transition thresholds for exiting status as an accelerated and large accelerated filer.
If you have any questions on the proposed amendments, please contact Gunster securities law and corporate governance practice leader Bob Lamm.
