SEC Reporting Requirements Flashcards
SEC Reporting Requirements - List the SEC forms that must be filed by US Registered Companies.
1 ) Form 10-K : Annual Statements (Audited)
2) Form 10-Q : Quarterly Statements ( Reviewed)
3) Form 11-K : Annual Report for Employee Benefit Plan
4) Form 8-K : Major Corporate Events ( Acquisition and Disposals)
5) Forms 3,4,5 : Those forms to be filed by directors, officers, and beneficial owners who own more than 10% in a company.
SEC Reporting Requirements - List the SEC forms that must be filed by Foreign Private Issuers.
Foreign Private Issuers are companies that hold less than 50% stocks in US Market.
1 ) Form 40-F : Filed by Canadian Companies Annually.
2) Form 20-F : Filed by non-US Co.’s other than Canadian Annually.
3) Form 6-K : Filed semi-annually by non-US companies.
SEC Reporting Requirements - What is a “Large Accelerated Filer” and what is the time frame for this type of company to file with the SEC?
- A “Large Accelerated Filer” is an issuer with a world wide market value of outstanding common equity of 700 Million dollar or more as of the last business day of the issuer’s most recently completed second fiscal Quarter (Mid-year).
- Large Accelerated filers’ Annual filing with the SEC must be done within 60 DAYS of the end of the fiscal Year.
- Large Accelerated filers’ Quarterly filing with the SEC must be done within 40 DAYS from the end of the fiscal Quarter.
SEC Reporting Requirements - What is an “Accelerated Filer” and what is the time frame for this type of company to file with the SEC?
- An “Accelerated Filer” is an issuer with a world wide market value of outstanding common equity of 75 Million dollars or more (but less than 700 million) as of the last business day of the issuer’s most recently completed second fiscal Quarter (Mid-year).
- Accelerated filers’ Annual filing with the SEC must be done within 75 DAYS of the end of the fiscal Year.
- Accelerated filers’ Quarterly filing with the SEC must be done within 40 DAYS from the end of the fiscal Quarter.
SEC Reporting Requirements - For the wide range of small filers that are neither classified as “Large Accelerated Filers” nor “Accelerated filers” what is the SEC’s filing Requirements ?
These are the rest of the registered filers who have market value of outstanding equity of less than 75 million dollars.
- These filers’ Annual filing with the SEC must be done within 90 days of the end of the fiscal Year.
- These filers’ Quarterly filing with the SEC must be done within 45 days of the end of the fiscal Quarter.
SEC Reporting Requirements - What is the SEC’s Interactive Data Rule, and what is it used for?
The Interactive Data Rule requires companies to use XBRL Language to file its financial information, which includes:
- All Annual Reports with all foot notes
- All Interim Reports with all foot notes
- Form 8-K (major corporate events)
SEC Reporting Requirements - Explain the Modified Liability provision used under the Interactive Data Rule.
The Modified Liability period is a period of 24 months since a firm first starts to file its financial statement by using the XBRL language. It is a legal liability where the filer is forgiven for mistakes in filing as long as they were made in full faith and they were corrected promptly as they were discovered.
This provision has completely ended on Oct 31st 2014, and since that date any misstatement or omission of material in the XBRL filing would result in legal liability against the firm and its officers, which may result in civil and criminal liabilities.
SEC Reporting Requirements - What is EDGAR?
EDGAR is the Electronic Data Gathering, Analysis, and Retrieval System. It is the system through which public companies has to file their required forms to the SEC. It is available online for viewing by the public.
SEC Reporting Requirements - Within Interim Financial Reporting, how many Balance Sheets a company must file?
A company must file 2 Balance Sheets:
- As of the end of the most recent quarter.
- As of the Preceding Fiscal Year.
SEC Reporting Requirements - Within Interim Financial Reporting, how many Income Statements a company must file?
A company must file 4 Income Statements:
- For the most recent fiscal quarter
- From the end of the preceding fiscal year to the most recent quarter.
- For the corresponding periods for the last fiscal year.
SEC Reporting Requirements - Within Interim Financial Reporting, How many Statements of Cash Flows a company must file?
A company must file 2 Statements of Cash Flows:
- For the period between the end of the preceding fiscal year and the end of the most recent fiscal quarter.
- For the corresponding period of the preceding fiscal year.
SEC Reporting Requirements - In the annual statements of a registered company, how many Balance sheets,Income statements, Statement of Cash Flows, and Statement of Stock Holders Equity, must a company file under each of US GAAP and IFRS?
Annual Financial Statements
GAAP : 2 BS , 3 IS/CF/SE
IFRS : 2 BS , 2 IS/CF/SE
SEC Reporting Requirements - Terminology - define
“Post” and “Pre” and give examples.
“Post” means “After”, Example Post World War II is after World War II.
“Pre” means “Before”, Example Pre in Preceding, which came before.
