From CFO.com today:
The Securities and Exchange Commission has told Corporate America it can take its foot off the accelerator.
On Thursday, the regulator postponed by one year what would have been a new, earlier deadline for most companies to file their annual and quarterly reports. Bowing to widespread calls for a delay, the SEC said it pushed back the deadline to give companies and corporate auditors more time to comply with Section 404 of the Sarbanes-Oxley Act, which requires companies to identify and document their internal controls over financial reporting.
Originally, Nov. 15 was the deadline for companies to comply with Section 404 of the Sarbanes-Oxley Act. Apparently many companies couldn't meet the deadline so the SEC has issued this extension.