What is the compliance date for the final rule on disclosure and reporting?
The final rule on disclosure and reporting was effective on February 16, 2007, and full compliance with the rule must be achieved beginning the first day of the 2008 fiscal year. If an institution’s fiscal year begins January 1, all reports issued after January 1, 2008, such as the 2007 annual report, must meet the new rule requirements. In addition, full compliance with the new provision requiring an assessment of internal control over financial reporting means the assessment is conducted during the 2008 fiscal year, with the management report of the assessment included in the 2008 annual report to shareholders.
