Some companies struggle to meet SEC reporting requirements.

New rules from the Securities and Exchange Commission (SEC) will eventually require companies to post quarterly and annual reports more quickly than they do now, but many U.S. multinational firms will have trouble making those tighter deadlines.

In fact, 40 percent of the 177 CFOs and

The new rules, which will be phased in over the next two fiscal years, will ultimately require companies to file quarterly reports within 35 days of the quarter's end, down from the current 45-day requirement. Annual reports will have to be filed within 60 days of year-end, down from 90 days.

To meet the new regulations, 59 percent of the survey respondents plan to use their existing reporting systems more effectively; 29 percent expect to upgrade their reporting systems; and 8 percent will make significant investments in new information technology.

Of particular note to HR and training executives: Only 40 percent of companies have an enterprisewide program for training all employees responsible for financial reporting; another 9 percent plan to develop one. Nearly half of all companies--47 percent--do not have and do not expect to develop such training.

"Companies will need faster and better-managed month-end closing procedures to meet the new timetables," says Tom Watson, partner at PricewaterhouseCoopers. "As the SEC focuses in on speed, it will also expect management to provide higher levels of accuracy in the numbers, to display a better understanding of the results and to communicate those results in much richer detail."