SEC Proposes to Exclude Certain Smaller Reporting Companies From Accelerated and Large Accelerated Filer Definitions
On May 9, 2019, the SEC proposed amendments to the accelerated filer and large accelerated filer definitions to exclude companies that are eligible to be smaller reporting companies under the smaller reporting company revenue test. The proposed rules are intended to provide cost savings to a subset of smaller companies by exempting them from the internal controls auditor attestation requirement. In addition, these companies would not be subject to accelerated or large accelerated filing deadlines for annual and quarterly reports filed with the SEC.