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New Developments Summary: ‘Smaller reporting company’ redefined

SEC expands scope of companies qualifying for scaled disclosures

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The SEC approved the Final Rule, Amendments to Smaller Reporting Company Definition, raising financial thresholds in the definition of “smaller reporting company” (SRC) and enlarging the scope of companies qualifying for scaled disclosures.

The amendments increase initial qualifying thresholds in the SRC definition so that a business qualifies as an SRC by meeting at least one of two criteria: (1) its public float is below $250 million regardless of revenue levels, and/or (2) its annual revenues are below $100 million and it has either no public float or a public float of less than $700 million.

Grant Thornton’s New Development Summary dives into the details of the new SEC Final Rule and can be accessed by downloading it here.