The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget for the continued collection of information under Regulation G. This regulation requires publicly reporting companies to reconcile non-GAAP financial information with the most comparable GAAP figures. It affects roughly 7,196 public companies, who must comply about six times each year, resulting in a total of 21,588 hours of reporting annually. The public can view and comment on this request by visiting a specified website or sending an email by January 27, 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) wants to keep checking how companies show their money numbers in a special way to make sure they are telling the truth. People can look at what the SEC is doing and say what they think by next January.