Report release date definition
/What is the Report Release Date?
The report release date is the date on which an auditor allows a client to use the auditor's report as an accompaniment to the client's financial statements. As of this date, the users of an entity’s financial statements will be able to examine the firm’s financial results, financial position and cash flows, as well as any accompanying disclosures. This date is significant because it marks the point at which financial reports are considered final and legally issued.
The Public Company Accounting Oversight Board sets a maximum number of days following the report release date that an auditor has in which to complete the audit documentation for the related audit.
Example of a Report Release Date
A publicly traded company in the U.S. with a December 31, 2023 fiscal year-end must file its Form 10-K (annual financial report) with the SEC. The company's auditors complete their audit on March 15, 2024 (audit report date). The company finalizes its filing and officially releases its financial statements to the public on March 20, 2024 (report release date). From this point forward, investors and analysts can rely on the released financial data for decision-making.