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Non-accelerated filers now have until they file their annual report for fiscal years ending on or after Dec. 15, 2007, to provide management's assessment regarding internal control over financial reporting.

The SEC also extended the date by which a non-accelerated filer must begin to comply with the auditor attestation requirement. Due to the extension, non-accelerated filers must begin to comply in their annual reports filed for fiscal years ending on or after Dec. 15, 2008.

Previously, non-accelerated filers (companies that do not meet the Exchange Act definition of either an accelerated filer or a large accelerated filer) were scheduled to begin including both management's assessment and an auditor's attestation to management's assessment on the effectiveness of the filers' internal control over financial reporting in their annual reports for fiscal years ending on or after July 15, 2007.

The SEC also is extending the date by which a non-accelerated filer must begin to comply with the auditor attestation requirement. Due to the extension, non-accelerated filers must begin to comply in their annual reports filed for fiscal years ending on or after Dec. 15, 2008.

Deferred implementation of the auditor's attestation report requirement will provide smaller public companies and their auditors with additional time to consider the anticipated revisions to Auditing Standard No. 2, as well as any implementation guidance that the PCAOB plans to issue for auditors of smaller companies.

The extension also should enable management of smaller public companies to focus on the internal assessment process during the first year of compliance with the internal control reporting provisions, the SEC said.

Below is a chart which summarizes the revised compliance dates and final rules that will be in place after the effective date (dollar amounts refer to the worldwide market value of outstanding voting and non-voting common equity held by non-affiliates):