Under a proposal released in May 2006, the board intended that the first annual reports would be required to be filed by June 30, 2007. Under the proposed rules, that filing deadline would also have had the effect of requiring the first annual fee payment by July 31, 2007.

However, because PCAOB has yet to finalize rules and forms governing annual reporting and annual fee payments by public accounting firms, the board said the reports and fees will not be due by those dates.

PCAOB said it continues to work toward finalizing a reporting system and rules. When it adopts final rules, it will set deadlines with sufficient lead time to allow firms reasonably to be able to comply, the board said.