M6 - SEC Reporting Requirements

Question 1

True or False: In general, an enterprise preparing interim financial statements should use the same accounting principles followed in preparing its latest annual financial statements.

Answer 1

True

Question 2

For interim reporting purposes, costs that benefit multiple periods should be allocated how?

Answer 2

Equally to those periods.

Question 3

Under regulation S-X, an entity’s annual F/S filed with the SEC should include, at a minimum, two:

Answer 3

Balance Sheets

Income statement, Cash Flows, and Changes in Owners’ Equity have requirement to include 3 not 2.

Question 4

What is an 8K form and what is required to be filed on it?

Answer 4

This is a from required to be filed by all companies registered with the SEC. The form reports on major corporate events, including corporate asset acquisitions/disposals, accountant changes, financial statement changes, management changes, changes in securities, etc. Quarterly results of operations will be reported using Form 10-Q.

Question 5

What is a 10K form?

Answer 5

The SEC’s interactive Data Rule requires a US public company submitting a Form 10-K to present financial statements, including the balance sheet, statement of comprehensive income, and all footnotes, and any applicable F/S schedules, in an exhibit prepared using XBRL.

Question 6

What is a 20F form?

Answer 6

An annual report of non-US registrant and would contain F/S

Question 7

What is an 11K form

Answer 7

An annual report of an entity’s employee benefit plan and would include the F/S of the benefit plan.

Question 8

What portion of a gain or loss from sale of a fixed asset should be reported during the period(quarter) incurred?

Answer 8

The entire amount

Question 9

What forms are not required to include audited F/S?

Answer 9

Form 6-K is filed by semiannually by foreign private issuers and form 10-Q which is filed quarterly by US registered companies, also contains unaudited F/S.

Question 10

The effective income tax rates for operations for the full year should reflect anticipated foreign tax rates and available tax planning alternatives as well as the effect of other anticipated tax credits, capital gain rates, and foreign tax credits should be included. True or False?

Answer 10

True