F2 - M6 - SEC Reporting

Question 1

SEC Reporting Requirements

Answer 1

over 50 forms, filed electronically (EDGAR), available online to the public,

Question 2

New securities, submit registration statement to SEC

Answer 2

• Disclosures about securities
• Relationship of new securities to others
• Similar info filed in annual filing
• Audited financial statements
• Description of business risk factors

Question 3

Form 10-K = Annual

Answer 3

-	Filing Deadline – End of FY
o	     Large accelerated = 60 days
o	     Accelerated = 75 days
o	     All others = 90 days 
-	Includes
o	     Financial disclosures
o	     Summary of financial data 
o	     MD&A – Managements discussion and analysis 
o	     Audited financial statements

Question 4

Form 10-Q = Quarterly

Answer 4

-	Filing Deadlines – End of FY
o	     Large accelerated = 40 days 
o	     Accelerated = 40 days 
o	     All others = 45 days 
-	Includes
o	     Unaudited financial statements (GAAP)
o	     Interim period MD&A
o	    Certain disclosures

Question 5

Form 11-K

Answer 5

Annual report of company’s employee benefit plans

Question 6

Forms 20-F

Answer 6

(all non-US) and 40-F (Canada) = Foreign private issues

-	Includes (Like 10-K)
o	     Financial disclosures
o	     Summary of financial data 
o	     MD&A – Management’s discussion and analysis 
o	     Audited financial statements 
-	Can use non-GAAP, IFRS

Question 7

Form 6-k

Answer 7

Foreign issuers, like 10-Q, semiannual, unaudited financial statements

Question 8

Form 8-K

Answer 8

Major corporate events; corporate asset acquisitions, disposals, changes in securities, trading markets, changes to statements, corporate governance / management

Question 9

Forms 3, 4 and 5

Answer 9

Filed by directors, officers, owners with more than 10% of a class of equity securities

Question 10

Regulation S-X

Answer 10

SEC sets form and content of requirements for interim and annual financial statements

Question 11

Interim F/S Requirements

Answer 11

o Reviewed by independent public accountant and report filed with F/S
o Statements and Periods Presented – US 10-Q & Foreign Semiannual 6K
 Balance Sheet
 Income Statement
 Statement of Cash Flows
o Adjustments for Fair Presentation
o Condensed F/S
o Disclosure
 May omit Summary of Significant Accounting Polices, details of accounts not changed
 Required disclosures
• Material contingencies
• Events subsequent to the end of most recent fiscal year

Question 12

Annual F/S Requirements

Answer 12

o	Filed with SEC
o	Audited by independent public accountant 
o	Audit report must be filed with f/s 
o	Periods Presented
	     2 Balance Sheets
	     3 Income Statements
	     Cash flow
o	IFRS requires – 2 balance sheets, 2 statements of comprehensive income, 2 statements of changes in equity, 2 statements of cash flow
o	Disclosure requirements

Question 13

SEC XBRL Reporting Requirements

Answer 13

royalty free software describes financial information for business / financial reporting.

• Key XBRL Terms
  o Tag = machine-readable code; descriptive labels, definitions, references to US GAAP and other elements