Companies Cite Sarbanes-Oxley as Late Earnings Reports Rise

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ore public companies are filing their earnings statements late, with some citing the federal Sarbanes-Oxley law that sets strict accounting liability standards, the Wall Street Journal reported Monday.

Sarbanes-Oxley requires company executives to attest to the accuracy of their financial reports and to ensure proper accounting standards, among other things.

Companies traded on Nasdaq that filed late reports with the Securities and Exchange Commission rose to 32 this year, from 12 in the same period last year, the Journal said.

And on the New York Stock Exchange, 32 companies have been given late-filing status this year, twice as many as a year ago, the Journal said.

Some trucking companies have called the Sarbanes-Oxley rules onerous to business, saying it is costing them millions in compliance costs. (Click here for previous coverage.)