sec governing for financial reporting

Business & Finance
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apa format with at least 2 references and proper citations

700 words

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Jul 14th, 2015

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Jul 14th, 2015

700 words

apa citation and references at least references in apa format

You have recently hired several new members to your team who will be assisting with financial statement analysis for your clients. As part of their training, you want to make sure that they fully understand the requirements of the SEC regarding financial reporting and the tools available to analyze the financial performance of a firm.

  • Explain all of the following:
    • outline the governing authorities over financial reporting
    • outline the financial reporting requirements of the SEC
    • describe 2 tools one could use to analyze the financial performance of a firm
      • describe the tools
      • explain how each might be useful in the analysis

Jul 14th, 2015

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Jul 14th, 2015

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Jul 14th, 2015

1.a) SEC- The Securities and Exchange Commission. Has legal authority over the accounting standards but lets a different group create the standards. The SEC still has ultimate authority over the standards.

b).FASB- The Financial Accounting Standards Board. This is a private organization of accounting experts that come up with all the rules and regulations that govern financial statements. Their authority is borrowed from the SEC.

2. Registration StatementsRegistration statements provide investors with an understanding of the securities offered and the profitability of the company. All companies, foreign and domestic, must file these statements or qualify for an exemption. The statements consist of two parts:

a) Prospectus - A legal document that charges the issuer of the securities to provide details of the investment offered, how the business operates, its history, management, financial condition and insight into any risk. The financial forms included in the prospectus, such as an income statement, must be audited by an independent certified public accountant.

b).Additional information - In addition to the prospectus, the company may provide any relevant additional information, such as recent sales of unregistered securities.

10-K ReportThe 10-K provides investors with a comprehensive analysis of the company. It's similar to a prospectus and contains more information than an annual report. For instance, the financial statements are more detailed. Companies have to submit this lengthy annual filing within 90 days of the end of their fiscal year.

The 10-K is comprised of several parts:

10-Q ReportA truncated version of the 10-K is the 10-Q. The 10-Q is provided within 45 days of the end of each of the first three quarters of the company's fiscal year. It details the company's latest developments and provides a preview of the direction it plans to take. Major differences from the 10-K include unaudited financial statements and less detailed reports.

8-K ReportMajor developments that investors should know about are described in the 10-K or 10-Q, but if those developments don't make the two filings in time, they are presented in the 8-K. This unscheduled document addresses specific events and provides further detail and exhibits, such as data tables and press releases.

Events that lead to the filing of the 8-K include a bankruptcy or receivershipmaterial impairments, completion of acquisition or disposition of assets, departures or appointments of executives and other events of importance to the investor. 

Proxy Statement 
In the proxy statement, investors can view management's salaries, any conflicts of interest that might exist and other perks received. It's presented prior to the shareholder meeting and must be filed with the SEC before soliciting a shareholder vote on the election of directors and approval of other corporate actions.

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