SEC · Fortune Technology
A detailed letter came from Exxon’s CFO
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Earnings season is about to kick off, as the U.S. Securities and Exchange Commission weighs whether companies should keep reporting quarterly or have the option to shift to semiannual disclosures.
Key facts
- Neil Hansen, senior vice president and CFO, filed an 11-page comment letter dated June 24 supporting the SEC’s proposal to allow companies to choose semiannual reporting instead of quarterly SEC
- Regarding sentiment, 7,994 opposed, 34 supported, and 52 were conditional
- More perspectives from public-company finance chiefs: —Lora Jones, EVP and CFO, National Bankshares (Nasdaq: NKSH): “The team are in favor of the proposed rule
- EonMobil also proposed allowing companies to file abbreviated quarterly financial statements through a new Form 8-K item rather than requiring a full Form 10-Q
Summary
Earnings season is about to kick off, as the U.S. In May, the SEC announced a proposed rule and form amendments that would allow semiannual reports to satisfy interim reporting obligations under federal securities laws. The reporter had a conversation with Ohio State University accounting professor Tzachi Zach, who used AI to create a database that indexes public comment letters the SEC receives on the proposal, including the sentiment of comments. Regarding sentiment, 7,994 opposed, 34 supported, and 52 were conditional. Of that dataset, there were 33 public comment letters, of which Zach classified them as submitted by an individual in an active corporate role, such as CFO, audit chair, financial reporting manager, COO, or CTO. In the dataset, there were comments from four current public CFOs.
He wrote that investors increasingly rely on a broader mix of communications, including earnings releases, Forms 8-K, investor presentations, webcasts and company websites, rather than Form 10-Q filings alone.