04+Annual+Reports

04+Annual+Reports - Corporate Reporting 10-K, 10-Q and the...

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Click to edit Master subtitle style Corporate Reporting 10-K, 10-Q and the Annual Report Professor Arnold 9.29.10
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The Law § Securities Act of 1933 (May 1933) § Requires companies seeking to sell equity or to issue bonds to publish a prospectus and register with the Securities and Exchange Commission (SEC). § Securities Exchange Act of 1934 § Requires firms transacting trades of securities to do so under regulation of the SEC. § Requires firms to publish annual and quarterly reports - SEC forms 10-K and 10-Q respectively.
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Form 10-K § The principal annual report to be filed by commercial and industrial companies is Form 10-K, which covers financial statements and supplementary data. § Form 10-K must be filed within 90 days of the end of the firm’s fiscal year. New rules are in place to shorten that to 60 days. § Form 10-K also includes information about the business, properties, legal proceedings, security holder voting, Management's Discussion and Analysis (MD&A) regarding financial conditions and operations results, and information about the elective officers of the corporation, their compensation, and their security ownership. § Sarbanes-Oxley (SEC Regulation S-X) - the balance sheets at the end of each of the two latest fiscal periods, as well as the income statements and cash-flow statements for each of the three latest fiscal years, should be filed within ninety days after the end of the fiscal year. The principal executive officer, the principal financial officer, the principal accounting officer (the controller), and a majority of the board of directors must sign the Form 10-K. http://www.answers.com/topic/securities-acts-requirements-for-accounting
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10-Q § Quarterly Report § Issuers of securities registered under the 1933 and 1934 Securities Acts are required to file Form 10-Q for each of the first three quarters of the fiscal year within forty-five days after the end of each of the first three fiscal quarters of each year. Form 10-Q calls for financial information, such as a condensed financial statement, and also covers the following: Management's Discussion and Analysis, financial condition and results of operations.
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§ Document prepared by the company for distribution to the shareholders and interested parties. § It generally includes all/most/much of the content of the 10-K but the tone and style of the annual report is different. Sometimes the 10-K is included in the annual report. § 10-Ks and 10-Qs are bound by legal restriction as to content. However, form 10-k specifically prohibits it from being simply fill-in-the-blanks. Form 10-k is a template and therefore there is some variation on a report by report basis. § The annual report, on the other hand, is pretty much a free-for-all.
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04+Annual+Reports - Corporate Reporting 10-K, 10-Q and the...

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