* Prepare to deliver greater transparency of transactional data that feeds financial reporting.* Prepare for shorter reporting deadlines. For 10-K annual reporting, corporations will have to report results within 60 days instead of 90 days and 10-Q quarterly results in 35 days instead of 45.
* Prepare to document and test internal controls over financial reporting on a regular basis. Be ready to include documented controls on an annual report.
* Prepare to make sure that each business process that produces transactions-that in turn feed a company's financial statements-are safeguarded against operational risk, including fraud and errors.
* Prepare to report any material weakness that may impact financial statements within two business days once the weakness is discovered.
Source: TowerGroup
