What is a 10-K?

The objective of the 10-K and other SEC-required forms is to provide shareholders and prospective shareholders with accurate, relevant, and timely information about the financial and operating performance of the company.

Why Companies File 10K Reports

The 10-K is just one of many forms a company that is publicly traded in the U.S. must file with the SEC. The main components include:

  • Management's discussion and analysis of the company financial statements

  • Auditor's report

  • Three years of audited financial statements

  • Notes to the financial statements

SEC regulations S-X and S-K (as well as the instructions to the 10-K form itself) dictate the specific elements, presentation, and disclosure requirements of the 10-K. Historically, companies had 90 days from the end of their fiscal years to file a 10-K. However in 2002, the SEC created new deadlines that range from 40 to 90 days depending on company size. In general, public companies with less than $10 million in assets do not have to file 10-Ks or other required forms.

10-K Reports are Mandated by the SEC

A 10-K is a comprehensive annual financial review that public companies in the U.S. are required to submit to the Securities and Exchange Commission (SEC) each year.