The president on Friday said he has asked federal regulators to study whether public companies should be required to report results half as often as they now do - every six months instead of every three months, or once a quarter.
Trump said he had consulted "some of the world's top business leaders" on steps to create jobs and make business "even better".
He said that after meeting with business leaders he had asked the US Securities and Exchange Commission to investigate making such a change. But quarterly reports on results are distinct from the so-called earnings guidance that company executives provide as a forecast.
But scrapping quarterly reporting is not now on the SEC's near-term agenda, according to public records. That would allow greater flexibility & save money. I have asked the SEC to study! "Earnings manipulation can take place whether quarterly or every six months".
The SEC and commissioners' offices were not immediately available for comment.
President Donald Trump on Friday tweeted that the USA could abandon quarterly financial reporting.
"It is not the fact that you report quarterly that is the problem; it's a bad management team", he said.
In the United Kingdom, half-yearly reporting was the norm until 2007, when companies were told to publish quarterly statements between their first half and annual results. Then, regulators believed more frequent reporting would hold companies to account but the financial crisis prompted a rethink. Many U.K. businesses have shifted to a six-month reporting schedule after the country's regulators eased requirements for quarterly reports.
In the year to August 2017, the number of FTSE 100 companies reporting quarterly fell from 70 to 57.
Trump "was a CEO, and managers are never wild about the constant reporting".
Chris Cummings, the Investment Association's chief executive, said: "Asking the SEC to study the effect of quarterly reporting, with a view to moving to a longer-term model, is a significant and positive intervention by the president. We start preparing three weeks in advance every quarter, essentially taking nearly a third of executives' time each quarter", said Bryan Sheffield, chief executive of shale oil producer Parsley Energy Inc (PE.N).
The 2012 Kay review of equity markets argued against the "tyranny" of short-term reporting that had arguably driven some banks close to collapse.
Some investors on Friday said quarterly disclosures were essential to making informed investment decisions and supported richer US valuations, and that shares could become more volatile if companies report only twice yearly.