The U.S. Securities and Exchange Commission has proposed amendments that would let public companies choose to file one semiannual report on a new Form 10-S instead of three quarterly reports on Form 10-Q. The proposal would make the semiannual framework optional, with the SEC presenting it as a way to give issuers more flexibility over interim reporting while maintaining disclosure of material information for investors. The proposal highlights factors companies may weigh when choosing a reporting cadence, including the cost and management time involved in quarterly reporting, investor expectations, possible effects on cost of capital, business stage and model, and other disclosure channels such as earnings calls and current reports on Form 8-K. It would not change the frequency of earnings calls or earnings releases, which would remain at each company’s discretion. In an accompanying statement, Chairman Paul S. Atkins also said SEC staff are exploring possible amendments to Regulation S-K, including parts relevant to interim reports, and encouraged the Financial Accounting Standards Board to consider whether interim financial reporting standards should be revised to focus on material information and avoid immaterial disclosure. The SEC is seeking public input on the optional semiannual reporting framework. Atkins said he expects the Commission to consider additional proposals over the next few months as part of a broader review of public company ongoing reporting obligations and capital-raising rules.
U.S. Securities & Exchange Commission 2026-05-05
US Securities and Exchange Commission proposes optional semiannual reporting for public companies on new Form 10-S
The U.S. Securities and Exchange Commission has proposed amendments to allow public companies to file a single semiannual report on new Form 10-S instead of three quarterly reports on Form 10-Q, while maintaining disclosure of material information. The proposal outlines factors issuers may consider in choosing their reporting cadence and notes that earnings calls and releases would remain at companies’ discretion. Chairman Paul S. Atkins said staff are exploring possible amendments to Regulation S-K and that further proposals are expected as part of a broader review of reporting and capital-raising rules.