Manchester United may opt for a less rigorous accounting regime now on offer in the US, according to the football club's notes to its US stock market listing last week.

The club said it may seek to make use of more relaxed US reporting and auditing requirements which are normally applicable to small business start ups.

Under the US Jumpstart Our Business Startups Act (JOBS), which became law in April, businesses which are deemed to be 'emerging growth companies' are allowed to make more limited financial disclosures compared to other US publicly quoted companies.

These exemptions to reporting requirements apply to companies with less than $1bn (£638m) in annual revenue. The provisions include a requirement to have only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations disclosure. Companies are also not required to file quarterly reports.

In its IPO filing, Manchester United said: 'We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company.'

However, the company said it would opt out of another provision of the JOBS Act that would have allowed it an extended period of time to comply with new or revised accounting standards. Manchester United said: 'We are choosing to "opt out" of this provision and, as a result, we will comply with new or revised accounting standards as required when they are adopted. This decision to opt out of the extended transition period is irrevocable.'

Manchester United's debut on Wall Street represents the largest sports listing on record, but has not proved an immediate success. The shares were originally going to be priced at between $16-$20 but this was cut to $14 a share late on Thursday following negative comments from analysts.

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