(Reuters) - U.S. President Donald Trump said on Friday he had asked the Securities and Exchange Commission to look into letting public companies file financial reports every six months instead of every quarter, as is the case in the European Union and some other countries.
Some supporters of the proposal have argued that a move to fewer financial statements could benefit investors by encouraging companies to focus on long-term goals, while others say having to wait longer for financial information would mean less transparency and increase market volatility.
An SEC move to reduce reporting frequency to twice a year would add the United States to a slate of others that do likewise.
In 2013, a European Union directive made quarterly reporting optional for companies in the bloc's 28 member countries.
Still, many large companies in EU countries provide quarterly reports in line with U.S. counterparts while smaller companies offer less detailed trading statements instead of quarterly reports.
Here is a list of selected countries that allow for semiannual financial reporting from publicly traded companies, as well as a list of countries that require quarterly financial reports.
COUNTRIES THAT DO NOT REQUIRE QUARTERLY REPORTS
Austria
Australia
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta
Netherlands
New Zealand
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
United Kingdom
COUNTRIES THAT REQUIRE QUARTERLY REPORTS
Argentina
Brazil
Canada
Chile
China
Indonesia
Japan
Malaysia
Mexico
South Korea
United States