The Real Losers If Trump Ends Quarterly Reporting

​Big Changes Ahead for Wall Street
The SEC is moving forward with President Trump’s plan to let companies stop filing quarterly reports — a shake-up that could upend decades of corporate tradition. The goal? To save money and give executives more time to actually run their businesses. But not everyone’s celebrating.

Winners and Losers
For public companies, switching from quarterly to semi-annual reporting could mean fewer headaches and lower costs. For the Big Four accounting firms — Deloitte, EY, KPMG, and PwC — it’s a different story. They stand to lose up to 15% of their audit revenue, which could force major changes across the industry.

Trump’s Pitch and the SEC’s Response
Trump floated the idea on Truth Social, saying the move would “save money and let managers focus.” SEC Chair Paul Atkins confirmed that a formal proposal is in the works, though it may simply give companies the option to report less often. If approved, the rule could halve the 180 hours and up to $1 million companies spend preparing a single quarterly 10-Q.

Accounting Firms Push Back
The Big Four have been here before. When Trump pitched the same plan in 2018, they warned that dropping quarterly audits would hurt transparency and investor confidence. Deloitte called quarterly updates essential for “timely and reliable” information. EY said they reduce market uncertainty. Even PwC, while acknowledging the need to streamline, argued that fewer reports could confuse investors.

AI and Cost Cutting Ahead
Experts say accounting giants would likely respond by trimming staff and ramping up AI automation to handle more of their audit work. PwC already announced plans to hire 39% fewer entry-level auditors by 2028. Losing a chunk of quarterly reporting revenue could speed up that transition.

Global Context
If this sounds radical, it’s not entirely new. The EU and U.K. ditched mandatory quarterly reports years ago, and many firms there still choose to update investors every three months voluntarily. U.S. companies could follow that playbook — keeping investors informed even if it’s not required.

A Silver Lining for the Big Four
Some analysts say the hit to audit revenue could be offset by an IPO boom. With lighter reporting demands, more private companies might go public, giving accounting firms new business to chase. “It’s a zero-sum game,” said one economist — fewer audits per client, but potentially more clients overall.

The Politics of Deregulation
While Trump’s first attempt fizzled, this time may be different. The SEC has signaled it’s prioritizing deregulation, and political pressure to cut “red tape” is strong. Insiders say the proposal now has at least a 50-50 shot of becoming policy.

The Bottom Line
​If quarterly reports disappear, investors won’t be the ones feeling it most — accountants will. The Big Four’s billion-dollar audit businesses face a potential reset, even as Wall Street braces for a new era of lighter oversight and higher uncertainty.