Trump advocates for shift from quarterly to semiannual earnings reports

President Donald Trump suggested on Monday that U.S. public companies should shift from filing quarterly earnings reports to reporting on a semiannual basis, arguing the change would cut costs and encourage long-term business planning.
He noted that any change would be subject to approval by the Securities and Exchange Commission (SEC). 
"This will save money, and allow managers to focus on properly running their companies," Trump wrote on Truth Social. "Did you ever hear the statement that, 'China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!'" Trump said.
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The SEC did not immediately respond to FOX Business' request for comment.
Trump's proposal of scrapping quarterly reporting is not new. In 2018, during his presidency, Trump directed the SEC to study the issue, though the agency ultimately kept the quarterly requirement in place. 
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"In speaking with some of the world's top business leaders I asked what it is that would make business (jobs) even better in the U.S. "Stop quarterly reporting and go to a six month system," said one. That would allow greater flexibility and save money. I have asked the SEC to study!," Trump wrote in a 2018 tweet.
Quarterly filing requirements can be costly for companies, and they often amplify pressure from investors to deliver short-term results.
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The proposed change would also bring U.S. rules more in line with practices in the U.K. and European Union, where companies are required to file semiannually but can issue quarterly reports if they choose.
In the U.S., however, many investors and executives remain focused on quarterly earnings performance, whether a company "beats" or "misses" analysts' expectations. 
By contrast, shifting to semiannual reporting would encourage a longer-term outlook.


via: https://www.foxbusiness.com/politics/trump-advocates-shift-from-quarterly-semiannual-earnings-reports