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What Was a Quarterly Report?

A quarterly report was a detailed disclosure document that listed companies and others were once required to file for each quarter under the Financial Instruments and Exchange Act. It was abolished for fiscal years beginning on or after April 1, 2024, when the system was consolidated into the quarterly earnings report.

Overview of the system (abolished in 2024)

A quarterly report was a disclosure document that listed companies and others filed under the Financial Instruments and Exchange Act for their first, second, and third quarter results. Under a 2023 legal reform, the quarterly report system was abolished for fiscal years beginning on or after April 1, 2024, and disclosure was consolidated into the quarterly earnings report required under stock exchange rules.

How disclosure works now

Today, results for the first and third quarters are disclosed mainly through the earnings report, while a semiannual report is now required in place of a quarterly report for the second quarter (the interim period). If you come across the term "quarterly report" in an older article or document, keep in mind that it may be referring to a document from before this system change.

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Frequently Asked Questions

Are quarterly reports still filed today?
No. Starting with fiscal years beginning on or after April 1, 2024, the quarterly report required under the Financial Instruments and Exchange Act was abolished and consolidated into the quarterly earnings report (kessan tanshin) required under stock exchange rules. For the second quarter (the interim period), companies are now required to file a semiannual report in place of what used to be a quarterly report.
How did the quarterly earnings report differ from the quarterly report?
The quarterly earnings report was a fast, preliminary disclosure document required under stock exchange rules, while the quarterly report was a statutory disclosure document required under the Financial Instruments and Exchange Act — they differed in content and in matters such as whether an auditor's review was required. Since the systems were consolidated, disclosure has centered mainly on the quarterly earnings report.

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