When you run your own business, navigating the IRS' tax regulations can be a headache. And when your shares hit the stock market, you'll need to deal with the U.S. Securities and Exchange Commission (SEC) as well.
If you've been researching the forms you need to file as the owner of a business with publicly traded stock, you've likely seen forms 10-K and 20-F mentioned. But what is the difference between 20-F vs. 10-K, and are you required to file either one? You'll find the answers to your questions (and save yourself another hassle) up ahead.
Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements.
The deadline for filing Form 10-K depends on how much money your company makes. Once your fiscal year ends:
Non-accelerated filers (those making $75 million or less) will have 90 days to file.
Accelerated filers (those making more than $75 million but less than $700 million) will have 75 days to file.
Large accelerated filers (those making $700 million or more) will have 60 days to file.
Note that Form 10-K is different than the annual report to shareholders and typically contains more in-depth financial information. For instance, in addition to many other details, your 10-K form will need to include your company's:
Market price of (and dividends on) common equity and related stockholder matters
Directors, Executive Officers, and Corporate Governance
Principal accountant fees and services
By filing Form 10-K, you'll be giving the SEC a detailed view of your company's performance, evolution and expenses for the most recent fiscal year. And even though you'll be sending Form 10-K to the SEC alone, it will be also be made available to the public.
Want to see real examples of other companies' 10-K filings? Head to the SEC's EDGAR database, search for any publicly traded company you'd like, open the company's profile, and click "10-K (annual reports)" under the "Selected Filings" section.
Carrie Buchholz-Powers is a Colorado-based writer who’s been creating content since 2013. From digital marketing to ecommerce to land conservation, she has experience in a wide range of fields and loves learning about them all. Carrie is fond of history, animals and beauty in equal measure. In her free time, she enjoys knitting, playing video games and exploring Colorado's prairies and mountains with her husband.