F1-SEC Reporting Requirements

Question 1

What is the securities offering registration statement?

Answer 1

-Is when the companies issue new securities.
Should include
-the disclosures about the securities offered
-audited financial statements
-description of business risk

Question 2

What is the form 10-K?deadline?

Answer 2

-must be filed annually -financial data, management discussion and analysis.
Days after the end of the fiscal year:
-60 large accelerate filers
-75 accelerate fillers
-90 all other registrants

Question 3

What is the form 10-Q?deadline?

Answer 3

• must be filed quarterly. Form contain unaudited F/S
• 40 large accelerate
• 45 for all other

Question 4

What is the form 11-K?

Answer 4

-annual report of a company’s employee benefit plans

Question 5

What is the form 20-F and 40F?

Answer 5

• forms must be filed by foreign private user
• 20F for Canadian companies
• 40F for all other foreign companies

Question 6

Form 6K?

Answer 6

filed semi-annually by foreign companies. Not audited but revise

Question 7

For 8 K?

Answer 7

-principal events such as:
corporate asset acquisition
disposal of assets
changes in securities and trading markets
changes to accountants or financial statements
changes in corporate governance

Question 8

Forms 3,4,5

Answer 8

to be filed by directors, officers, or beneficial owners more than 10% of equity securities of a registered company

Question 9

What mean Regulation S-X?

Answer 9

SEC sets forth the form and contents of and requirements for interim and annual financial statements

Question 10

What is the requirement for interim financial statements?

Answer 10

• should be review by public accountant not audited
• Should present 2BS , 4IS, 2 CF
• Adjustment for fair presentation
• Condensed F/S
• Disclosure-can omit the summary of significant policies, but disclose material contingencies, material changes, events subsequent to the end of the most recent FY

Question 11

Requirements for annual F/S?

Answer 11

• Audit requirement
• Periods Presented, 2BS, 3 IS/CF
• Disclosure such as the same as we discuss

Question 12

What is the SEC XBRL?

Answer 12

• Extensible Business Reporting Language
• is free, open specification for software that use data tags to describe F/I.
• Said the computer how to interpret the contect

Question 13

what is a tag?

Answer 13

• machine readable code that gives a standard definition for each line item in a Financial Statements,
• include data contained in the notes, references to US GAAP, and allow data to be recognize and processed by software.

Question 14

What is taxonomy on XBRL?

Answer 14

-Specific tags apply in taxonomy of:
....US GAAP 
....IFRS
......Global Ledger
.....Industry Specific
......Company Specific tags

Question 15

What mean SEC Interactive Data Rule?

Answer 15

-require US public companies and foreign private issuers that use GAAP or IFRS to present F/S and any applicable F/S

Question 16

Data tagging is divided in?

Answer 16

4 levels

-Must include primary F/S, notes, and financial statements schedules

Question 17

The companies MUST BE? (USING XBRL)

Answer 17

• posting their F/S after submit on their web sites

- 30 day Grace Period.