F2M6 - SEC Reporting

Question 1

Form 10-K

What is it, who files and when? Audited or not audited? Prepared using what standard?

Answer 1

US registered companies, annually, audited, GAAP

Question 2

Form 10-Q

What is it, who files and when? Audited or not audited? Prepared using what standard?

Answer 2

Interim financial report,

US registered companies, quarterly, not audited, GAAP

Question 3

Form 11-K

What is it, who files and when?

Answer 3

Report of company’s Employee Benefit Plans,

US registered companies, annually

Question 4

Form 6-K

What is it, who files and when? Audited or not audited? Prepared using what standard?

Answer 4

Interim financial report,

Foreign private companies, semi-annually, unaudited, GAAP???

Question 5

Form 20-F

What is it, who files and when? Audited or not audited? Prepared using what standard?

Answer 5

Annual Financial Statement,

Non-US companies registered with SEC, annually, audited, GAAP or IFRS is okay

Question 6

Form 40-F

What is it, who files and when? Audited or not audited? Prepared using what standard?

Answer 6

Annual Financial Statement,

Canadian companies registered with SEC, annually, audited, GAAP or IFRS is okay

Question 7

Form 8-K

What is it, Prepared using what standard?

Answer 7

Report major corporate events. GAAP

Question 8

Forms 3, 4, 5

Who files them?

Answer 8

Directors, officers or beneficial owners of more than 10% of a class of equity

Question 9

The 4 examples given of major corporate events and what form they are reported on?

Answer 9

Form 8-K examples:

• corporate asset acquisitions or disposals
• changes in securities and trading markets
• changes in accountants or financial statements
• changes in corporate governance or mgmt

Question 10

Filing deadlines for Form 10-K and Form 10-Q (3)

Answer 10

Large Accelerated Filers = 60 days, 40 days
Accelerated Filers = 75 days, 40 days
All Other Filers = 90 days, 45 days

Question 11

SEC def: Large Accelerated Filer

Answer 11

Issuer with worldwide market value of outstanding common equity held by non affiliates of $700 million or more as of the last business day of the issuer’s most recently completed second fiscal quarter

Question 12

SEC def: Accelerated Filer

Answer 12

Issuer with worldwide market value of outstanding common equity held by non affiliates of $75 million or more but less than $700 million

Question 13

What is Regulation S-X?

Answer 13

Sets forth the form, content and requirements for interim and annual financial statements

Question 14

Audited or Not: Interim Financial Statements?

Answer 14

Not audited, but reviewed by CPA

Question 15

Audited or Not: Annual Financial Statements?

Answer 15

Audited by CPA

Question 16

Interim FS - what are included?

Answer 16

BS - End of most recent fiscal quarter
BS - End of the previous fiscal year
BS - End of corresponding previous year’s quarter,
ONLY if necessary

IS - Period btwn end of most recent fiscal quarter and end of previous fiscal year
IS - Corresponding previous year’s interim FS to compare to
IS - 12-month cumulative periods btwn end of most recent fiscal quarter and last year and thier corresponding previous year’s 12-month period,
NOT required

CF - same fact pattern as IS

Question 17

Are condensed FS acceptable for Interim FS?

Answer 17

Yes.

Question 18

Things unique to Interim FS (2)

Answer 18

1. Because of annual FS, they can omit:
   
   • summary of significant accounting policies
   • details of accounts that have not changed since the end of the last fiscal year (since their last 10-K filing)
2. Interim FS must include:
   
   • Material contingencies
   • Events subsequent to the fiscal year that have a significant impact (changes in accounting policies, estimates, in long-term contracts, new borrowings)

Question 19

Form 10-K: How many CF statements are required?

Answer 19

3 (the 3 years preceding the most recent audited balance sheet)