SEC reporting standards 10-k 10-q proxy statements

Public Company Accounting: SEC Reporting 101

Publicly traded companies have very strict financial reporting rules and deadlines. The Securities and Exchange Commission (SEC) requires these companies to file periodic financial statements and other disclosures. Investors and other financial professionals rely on SEC filings to make informed decisions when deciding whether to invest in a company or not.

Reports must comply with all federal requirements including all newly updated accounting standards and pronouncements. Complex transactions will need the appropriate technical and financial expertise and a team of experts who know how to navigate the SEC reporting world.

What is included in SEC Reporting Services?

  • 10 K and 10 Q Reports
  • Financial statements with footnotes and disclosures
  • Annual Reports
  • Audit Preparation
  • Sales Tax Compliance
  • Revenue Recognition Compliance
  • Shareholder delivery
  • GAAP & Federal Compliance

What Filings Are Involved in SEC Reporting?

When a company initially sells shares to the public, it must complete registration statements. These statements are important because it helps investors convey and understand the nature of the newly issue shares or bonds that will soon be in market.  After that, there are a few main documents that are required:

  • Form 10-Q
  • Form 10-K
  • Form 8-K
  • Proxy statements

The two main filings for a publicly traded company are the form 10-K and 10-Q.  The 10-Q is filed about a month after the end of the first three quarters. The 10-K Is filed two months after year end.

What is Included in the 10-K and 10-Q?

Business Section: This section is self-explanatory. This section is a deep-dive description into the business. There are certain things that must be covered in this section such as discussing the operations of the business and the competitors.

The F-pages: This section is the financial statements that you would typically see for a private company.  They include the Income Statement, Balance Sheet, Cashflow Statement, and Statement of Shareholder’s Equity.

The Risk Factors: This section includes a list of all risks that a company would face that would cause investors to lose money.  Risk factors must be included in the 10-K, but they are not required for the 10-Q if there haven’t been any material changes to the risk factors.

Management Discussion and Analysis (MD&A): The two main components of this section are operations and the liquidity and capital resources section.  This area provides a narrative about the material changes in the income statement and the statement of cash flows.

Other forms:

Form 8-K: This form discloses any major developments that occur between the 10-K and 10-Q filings. This can include bankruptcies, material impairments, competition of an acquisitions, etc. This form is due within 4 business days of the significant event.

Proxy Statements: A proxy statement is for the investors to view salaries of the management of a company and any other perks that the company’s management team is eligible for. It is presented prior to the shareholder meeting and must be filed with the SEC before soliciting a shareholder vote on the election of directors.

A mandatory document called the Prospectus, is given to anyone offering to buy the company’s securities and includes important information about the company. Other forms that will be needed you should know about are Form 3, 4 and 5. These forms reveal more information about the securities that company insiders own.

How NOW CFO Can Help with SEC Reporting 

  • Financial statement preparation
  • Cash flow preparation
  • Disclosure preparation
  • Covenant reporting
  • Fluctuation analyses
  • Budget & forecasting

Our reporting manager consultants can create a tailored reporting package for you that will include a customized, consistent report at the end of each month. Included in this will be a balance sheet, income statement and reconciled general ledger. It will also include clear graphic images in addition to the report. Our consultants are efficient and skilled at producing accurate statements in a timely manner to satisfy all SEC requirements.

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