As we move through the calendar towards year-end or quarter-end, we are presenting a series of posts focusing on issues to consider as we navigate through the reporting process. This first post is a reminder to make sure to update your Form 10-K or Form 10-Q for the SEC’s Disclosure Update and Simplification Rule. The major areas to update include:
Form 10-K changes:
- Item 1 – Changes to S-K Item 101
- Item 5 – Changes to S-K Item 201
- The impact of the Rule on the Annual Report to Shareholders
- The elimination of the earnings to fixed charges ratio
Form 10-Q changes:
- Item 1 – Changes to S-X Article 10 – Addition of changes in shareholders’ equity information
- Item 1 – Changes to S-X Article 10 – Removal of contingency disclosure language
Post Number Two in this series will have the news of the latest Inspection Outlook from the PCAOB.
As always, your thoughts and comments are welcome!