Preparing ProposalSEC Moves Toward Allowing Semiannual Reporting-The Securities and Exchange Commission (SEC) is formally preparing a proposal that would allow U.S. public companies to report earnings semiannually rather than through mandatory quarterly Form 10‑Q filings, marking the most significant potential shift in corporate disclosure practices in decades. The SEC has been in discussions with major stock exchanges about what rule adjustments might be required if companies are permitted to replace quarterly 10‑Qs with comprehensive semiannual reports, according to the Wall Street Journal. While the proposal could be published as early as April 2026, quarterly reporting remains mandatory today, and no rule change is guaranteed. Currently, domestic issuers must file annual reports on Form 10‑K and quarterly reports on Form 10‑Q for the first three fiscal quarters. They must also file Form 8‑Ks for specified current events and comply with Regulation FD’s selective‑disclosure restrictions. The reported proposal would not alter annual 10‑K requirements or the Form 8‑K framework but would allow companies to choose whether to continue quarterly reporting or shift to semiannual comprehensive filings. The SEC has been signaling this direction for months. In a February 13, 2026 statement, Division of Corporation Finance Director James Moloney confirmed that staff was prioritizing “creating an option for semiannual, rather than quarterly, reporting,” at Chairman Paul Atkins’ request. The initiative aligns with the agency’s broader push to reduce immaterial or overly burdensome disclosures under Regulation S‑K. In January 2026, Atkins solicited public input on how to streamline S‑K requirements to focus on material information. For investors, the most significant change would be reduced uniformity. Form 10‑Qs provide standardized interim financial statements, MD&A updates, risk‑factor changes, and controls disclosures. If semiannual reporting becomes optional, some companies, especially large‑caps with heavy analyst coverage, may continue quarterly reporting, while others may rely more on earnings releases, investor presentations, and furnished (but not “filed”) Form 8‑Ks. Global experience offers mixed lessons. After the U.K. eliminated mandatory quarterly reporting in 2014, many companies continued providing quarterly updates voluntarily. If the SEC publishes the proposal, the rulemaking process would follow the standard sequence: a 30‑ to 60‑day public comment period, staff review and revisions, a final Commission vote, and an eventual effective date. For James Moloney’s statement -SEC “Coming Attractions” Cali NationCalifornia Advances Climate Disclosure RulesCalifornia is pressing ahead with its landmark climate‑disclosure mandates even as the U.S. Ninth Circuit weighs a business‑backed challenge to SB 253 and SB 261. Both laws would apply to public and private companies that do business in the state, regardless of where they are headquartered, effectively extending California’s reach to multinational firms. While awaiting the Ninth Circuit’s decision, the California Air Resources Board (CARB) announced in a March 4 press release that it had approved the California Greenhouse Gas Reporting and Climate Financial Risk Disclosure Initial Regulation, the first major package implementing SB 253 and SB 261. The regulation establishes administrative fees, key definitions, and the first reporting deadlines. For SB 253, the initial reporting deadline is August 10, 2026. SB 261 remains under a preliminary injunction, but CARB has set a first reporting year of 2027 if the injunction is lifted. Both SB 253, the Climate Corporate Data Accountability Act, and SB 261 the Climate-Related Financial Risk Act passed the California Legislature in September 2023, and were signed within days by Governor Gavin Newsom. Together, they form the most expansive climate‑disclosure regime in the nation. Under SB 253, companies with more than $1 billion in annual revenue must disclose greenhouse gas emissions beginning in 2026 across three categories:
CARB set August 10, 2026, as the first deadline for Scope 1 and 2 reporting, with Scope 3 phased in later. SB 261 applies to companies with more than $500 million in revenue and requires biennial disclosure of climate‑related financial risks, with the first reports expected in 2027. California’s advancement of these rules comes as federal regulators move in the opposite direction. In 2025, the SEC formally abandoned the climate‑disclosure rule adopted under the prior SEC Chair. California has filled that space, positioning itself as the de facto global climate‑transparency authority. More than 120 companies have already begun voluntarily submitting climate‑risk reports to CARB’s public docket, signaling that major corporations expect California’s framework to become a baseline standard regardless of federal action. With Washington stepping back and Sacramento accelerating, California is increasingly shaping the global climate‑disclosure landscape. For more information: WEINBERG NEWSWeinberg’s Audit Work Excels — No DeficienciesAfter inspection of client audits performed by WEINBERG, the Public Company Accounting Oversight Board (PCAOB) found no deficiencies. “Our audit team met all criteria set by the PCAOB,” said Corey Fischer, Weinberg Firm Managing Partner. “It’s a BIG deal to earn a clean inspection report because a PCAOB report with no cited deficiencies doesn’t happen as often as it should, and we’re pleased to have once again earned this distinction.” “Our technical quality is well respected by regulatory agencies, commercial and investment banks, and transaction attorneys. This is especially important to our clients, their shareholders and potential investors.” he added. |
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