US2019-07: SEC proposal targets capital formation by low-revenue companies
Under a new proposal, certain smaller reporting companies would be non-accelerated filers, reducing some of their SEC requirements.
extend non-accelerated filer status to all smaller reporting companies (e.g., a smaller reporting company with a public float of $75 million or greater but less than $250 million and revenues of $100 million or more would not qualify as a non-accelerated filer under the proposal),
change the existing definition of a smaller reporting company,
alter the existing requirements relating to CEO/CFO certifications and management’s assessment relating to the effectiveness of ICFR, or
impact an auditor’s responsibilities under PCAOB standards to consider ICFR in the performance of its financial statement audit of an issuer, regardless of whether the issuer is subject to the ICFR auditor attestation requirement.
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