Bloomberg Surveillance · Thursday, July 9, 2026
Sandy Peters from the CFA Institute stated that the institute has supported quarterly reporting since the 1950s and that two-thirds of their investor members believe it's essential. While acknowledging potential cost savings for companies with semi-annual reporting, the SEC's analysis doesn't quantify the cost to investors of reduced transparency. The institute also questions what 'quarterly' will mean if companies switch to semi-annual filings, as earnings releases often lack cash flow statements.
“We CFA Institute has supported quarterly reporting since the nineteen fifties, when Benjamin Graham was on our Corporate Reporting Committee, and we have we recently did a survey to look at what our investor members think about quarter what do they think? They think that two thirds of them believe that quarterly reporting is essential, that we need to remain in remain doing quarterly reporting.”
“But the SEC's economic analysis really doesn't strongly illustrate that. They illustrate that the economic analysis will save about two hundred thousand dollars per company, but they don't actually quantify any of the cost to investors of not having that.”
“And so the issue is what will the disclosure be at that quarterly because many companies investors are asking companies, would you go would you retain quarterly reporting? And they're saying yes, but investors aren't asking another second, very important question, which is when you say you're still going to do quarterly what does that mean? Are you going to still file a ten Q or are you going to do an earning slease? And what is it going to include because most earnings releases don't include a statement of cash flow today.”