COMPLIANCE DATE GUIDANCE FOR CURRENT SMALL BUSINESS ISSUERS
In the past, small business issuers filed their registration statements and periodic reports using SEC forms designated with the letters "SB." Under the new rules, all companies, large and small, will file on the standard Securities Act and Securities Exchange Act forms. These forms are similar to the "SB" forms. Using the standard forms is not expected to increase burdens for small business issuers.When are companies required to stop filing annual and quarterly reports on Form 10-KSB and 10-QSB and use Form 10-K and 10-Q instead?
You have a choice. Small business issuers will have the option to file
their next annual report for a fiscal year ending after December 15, 2007 on Form 10-KSB or the standard Form 10-K. Any quarterly reports due before this annual report may be filed on Form 10-QSB or Form 10-Q. After the next annual report, all future annual and quarterly reports must be on the standard forms instead of the "SB" forms. This means that the date a small business issuer will be required to file on standard forms depends on its particular fiscal year end.
Examples
1.
A small business issuer with a
December 31, 2007 fiscal year end has the option of filing its 2007 annual report on either Form 10-KSB or Form 10-K when it files with the Commission by March 2008. Forms 10-QSB and 10-KSB will be unavailable to the company for reporting periods after December 31, 2007.2.
A small business issuer with a November 30, 2008 fiscal year end could file its 2008 quarterly reports on Form 10-QSB or Form 10-Q. Its 2008 annual report due in February 2009 could be filed using either Form 10-K or Form 10-KSB. Reports due after February 2009 must be filed on standard forms.