SEC Bailout for Small Business? Or Big?

Companies have been putting heavy pressure on the SEC for a number of years now, trying to get the agency to lessen the reporting requirements of Sarbanes-Oxley. And it came out with an expected change yesterday. Although the actual text isn't up on the SEC, it essentially says that companies can now focus on the areas where fraud would be most likely to occur, using a risk management approach. Many journalists and spinners tout the new guidance as great for small business. And that it may be, but if you read the SEC's news release (the full guidance text isn't yet up on the web site), the mention of size is:

The Securities and Exchange Commission today unanimously approved interpretive guidance to help public companies strengthen their internal control over financial reporting while reducing unnecessary costs, particularly at smaller companies. The new guidance will enhance compliance under Section 404 of the Sarbanes-Oxley Act of 2002 by focusing company management on the internal controls that best protect against the risk of a material financial misstatement.

There isn't anything there suggesting that only small cap companies will feel the effects. Given the track record of large corporations in the past, I'm guessing that much of the actual reform that was starting to take place will now recede into the horizon, as managers and directors quickly use the chance to lessen the "overwhelming burden" of which they've been complaining. Interestingly enough, during this difficult time for them, profits hit record highs, as have stock prices. So, if the difficulties haven't shown up in financial performance, are they, perhaps, far less than the griping would suggest?