Subject: File No. S7-26-18
From: Hank Mishima
Affiliation: CMA

January 20, 2019

The costs for quarterly statements are worth the benefits they provide stakeholders of entities currently required to provide quarterly statements.

Trends in performance can be discovered more easily than reports with less frequency. Less frequent statements are potentially detrimental to the interests of stakeholders outside the organization like vendors and debt and equity holders to make decisions that may impact the relationship with the entity.