FAR-F2-M5-SEC Reporting Requirements Flashcards
What are the qualifications for a large accelerated filer?
Market value of outstanding common equity held by nonaffiliates of $700M or more. 10-K must be filed within 60 days of FYE and 10-Q must be filed within 40 days after the end of the quarter.
What are the qualifications of an accelerated filer?
Market value of outstanding common equity held by nonaffiliates of $75M to $700M and annual revenues of $100M or more. The 10-K must be filed within 75 days of FYE and the 10-Q within 40 days after the end of the quarter.
What are the qualifications for a nonaccelerated filer?
Market value of outstanding common equity held by nonaffiliates of less than $75M OR market value of less than $700M with annual revenue of less than $100M. The 10-K must be filed within 90 days of FYE and the 10-Q must be filed within 45 days after the end of the quarter.
What is XBRL?
XBRL stands for Extensible Business Reporting Language, that uses XML (Extensible Markup Language) data tags to describe financial information for business and financial reporting.
The SEC interactive Data rule requires a U.S. Public Company submitting a form 10-K to present the following:
Present financial statements, including balance sheet, the statement of comprehensive income and all footnotes and any applicable financial statement schedules in an exhibit prepared using XBRL. Does not include Management discussion and analysis.
Is the following statement true or false? For interim financial reporting, costs that benefit multiple periods should be allocated equally to those periods.
True, for interim financial reporting, costs that benefit multiple periods should be allocated equally to those periods.
Is the following statement true or false? The entire amount of a gain or loss from the sale of a fixed asset should be reported during the period (quarter) incurred.
True. The entire amount of a gain or loss from the sale of a fixed asset should be reported during the period (quarter) incurred.
Is the following statement true or false? The net loss on disposal of a component is recorded in the interim period incurred.
True. The net loss on disposal of a component is recorded in the interim period incurred.
What is the purpose of regulation S-X?
It governs the form and content of financial statements and financial disclosures?
What is the purpose of regulation S-K?
It governs the form and content of nonfinancial disclosures such as MDA
What is the purpose of form 11-K?
It is a company’s annual report of its employee benefit plan.
What is the purpose of form 40F?
It is a required form required from Canadian companies registered with the SEC. Similar to the 10K.
What is the purpose of form 20F?
It is a required form required by all other NON-US companies registered with the SEC. Similar to 10K. Includes audited financial statements and prepared using IFRS or GAAP
What is the purpose of form 6K?
It is similar to form 10Q and is filed semiannually by foreign private issuers.
What is the purpose of forms 3, 4 and 5?
These forms are required to be filed by officers, directors and beneficial owners of more than 10% of a class of equity securities of a registered company.
