SEC

Question 0

Since 2008, the SEC has permitted foreign private issuers to file their financial statements using?

Answer 0

IFRS as issued by the IASB

Question 1

What are the main pronouncements published by the SEC?

Answer 1

Financial Reporting Releases (FRR)

Question 2

SEC definition of a foreign private issuer

Answer 2

Any issuer other than a foreign govt EXCEPT an issuer where more than 50% of the O/S voting securities are owned by US resident and the majority of its executives are US citizens/residents

Question 3

What do Regulations S-X govern?

Answer 3

The form and content of F/S and F/S disclosures

Question 4

What does Regulations S-K govern?

Answer 4

The form and content of NON financial statement disclosures.

Question 5

Nonfinancial statement disclosures

Answer 5

Description of the business
Description of stockholder matters
Managements discussion and analysis (MD&A)
Changes in & disagreements w/accountants
Information on directors & mght

Question 6

Large accelerated filer

Answer 6

Equity held by non affiliates of $700 million or more

Question 7

Accelerated filer

Answer 7

Equity held by nonaffiliates that’s is between $75 and $700 million

Question 8

Non-accelerated filer

Answer 8

Equity held by nonaffiliates less than $75 million

Question 9

Filing deadlines for 10-K

Answer 9

Large accelerated - 60 days after YE
Accelerated- 75 days after YE
Non-accelerated - 90 days after YE

Question 10

Filing deadlines for 10-Q

Answer 10

Large accelerated - 40 days after quarter end
Accelerated- 40 days after quarter end
Non-accelerated - 45 days after quarter end

Question 11

What’s required to be provided upon initial registration of a security?

Answer 11

2 years balance sheets
3 years Income statements
Statements of cash flows
Shareholders equity

Question 12

What part of Form 10-K are audited financial information?

Answer 12

Part II, Item 8

Question 13

Disclosure of risks and uncertainties

Answer 13

Required by Form S-K to be included in the MD&A