SOX Rules Hit Small Firms Hard: Study

Law360, New York (November 14, 2007, 12:00 AM EST) -- The Securities and Exchange Commission is being urged to delay implementation of tough new financial reporting rules under the Sarbanes-Oxley Act after a study revealed the regulations would impose heavy costs on small businesses.

The U.S. House Small Business Committee has called on the federal regulator to put off the effective deadline of the new reporting rules until further analysis could be conducted on the impact to small ventures.

Committee Chairwoman Nydua M. Velazquez said a study released Nov. 8 by a coalition of small-business groups,...
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