Public Company Reporting Topics

Question 1

What does the SEC regulate?

Answer 1

Issuance of securities and trading of those securities of publicly traded companies in the open market.

Question 2

The organization delegated by the SEC for prescribing accounting standards.

Answer 2

The Financial Accounting Standards Board (FASB)

The SEC still retains enforcement power.

Question 3

What criteria requires a company to be subject to SEC Reporting Requirements?

Answer 3

1. Companies with publicily traded securities on national security exchange or over the counter markets. Or,
2. Companies with assets greater than $10M and either 2,000 + shareholders or 500+ non accreditied investors.

unless exempt by regulation

Question 4

Large, accelerated filer

Answer 4

Market cap is $700M and up

Question 5

Accelerated Filer

Answer 5

Market cap is $250M-$700M
Annual revenues =$100M and up

Question 6

Nonaccelerated filer

Answer 6

Market cap is $75-$700M
Annual revenues less than $100M
or
Market cap less than $75M

Question 7

Small Reporiting Co. (SRC)

Answer 7

• less than $250 market cap, or
• Less than $700M market cap and less than $100M annual revenues

Question 8

Regulation S-K

Answer 8

set of disclosure requirements public companies must comply with when filing various SEC report, to ensure accurate and complete information are provided to investors.

Question 9

What is Form 10-K?

Answer 9

Annual report public companies are required to file to provide a comprehensive overview of the business.

Question 10

What is required in Form 10-K Part II?

Answer 10

Management discussion and analysis (Item 7)
Quantitative and qualitative disclosures of market risk (Item 7A)
Financial Statements and supplementary data (Item 8)

Question 11

Form 10-K Part II Item 7

Answer 11

Management Discussion & Analysis

Question 12

Form 10-K: Part 2 - Financial Information

Answer 12

Selected financial data
management discussin and analysis
Financial Statements and supplementary data
Notes to Financial Statements

Question 13

Form 10-K Part II Item 7A

Answer 13

Quantitative and Qualitative disclosures of market risk

Question 14

Large Accelerated Filer 10-K filing deadline

Answer 14

60 days after fiscal year end.

Question 15

Form 10-K Part II Item 8

Answer 15

Two years of balance sheets
Three years of income statements
Three years of SCFs
Three years Comprehensive Income

Question 16

Accelerated Filer 10-K Deadline

Answer 16

75 days after fiscal year end

Question 17

Non-accelerated Filer 10-K Deadline

Answer 17

90 days after fiscal year end

Question 18

What is Form 10-Q?

Answer 18

Quarterly report

Question 19

Form 10-Q PART 1

Answer 19

1. Reviewed Financial Statements
2. Management Discussion and analysis
3. Quantitative and qualitative disclosures about market risk

Question 20

Form 10-Q Part 1 (Item 1)

Answer 20

Financial statements (reviewed)
* Balance sheet for the quarter and prior fiscal year
* Quarterly and year to date income statements for thsi quarter and same period in previous year.
* Cumulative year to date statements of cash flow for the current and prior fiscal years.

Question 21

Form 10-Q Part 1 (Item 2)

Answer 21

Management’s Discussion & Analysis
provides the company’s perspective on results of operations, liquiidity, resources, uncertainty, accounting assumptions and estimates.

Question 22

Form 10-Q Part 1 (Item 3)

Answer 22

Quantitative and qualitative disclosures about market risk
internal, external, legal, and other risks.

Question 23

10-Q Filing Deadline for Large Accelerated filers

Answer 23

within 40 days of the end of each of the first 3 quarters

Question 24

10-Q Filing Deadline for nonaccelerated filer

Answer 24

45 days of the end of each first 3 quarters

Question 25

What is Form 8-K

Answer 25

Reports significant events and must be filed within 4 business days of the event.

Question 26

What are examples of significant events that would require Form 10-K?

Answer 26

• Entering into or terminating material agreement
• Bankruptcy
• Acquisition or disposal of assets
• Change in directors, CEO, or auditor