{"id":646,"date":"2016-06-03T12:45:55","date_gmt":"2016-06-03T16:45:55","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=646"},"modified":"2016-06-03T12:45:55","modified_gmt":"2016-06-03T16:45:55","slug":"sec-news-the-fast-act-form-10-k-summary","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/sec-news-the-fast-act-form-10-k-summary\/","title":{"rendered":"SEC News \u2013 The FAST Act Form 10-K Summary"},"content":{"rendered":"

The SEC, on June 1, 2016, adopted an Interim Final Rule and Request for Comment<\/strong> to implement the Form 10-K summary provisions<\/strong> of The FAST Act. Passed earlier this year, the FAST Act contains a number of SEC reporting requirements, many of which the SEC has already implemented.<\/p>\n

 <\/p>\n

The Interim Final rule provides that a company may, at its option, <\/strong>include a summary in its Form 10-K. Each item in the summary must include a cross-reference by hyperlink to the material contained in the company\u2019s Form 10-K to which the item relates.<\/p>\n

 <\/p>\n

The summary is a new Item 16 in Form 10-K:<\/p>\n

 <\/p>\n

Item 16. Form 10-K Summary. <\/strong><\/p>\n

 <\/p>\n

Registrants may, at their option, include a summary of information required by this form, but only if each item in the summary is presented fairly and accurately and includes a hyperlink to the material contained in this form to which such item relates, including to materials contained in any exhibits filed with the form.<\/p>\n

 <\/p>\n

Instruction: The summary shall refer only to Form 10-K disclosure that is included in the form at the time it is filed. A registrant need not update the summary to reflect information required by Part III of Form 10-K that the registrant incorporates by reference from a proxy or information statement filed after the Form 10-K, but must state in the summary that the summary does not include Part III information because that information will be incorporated by reference from a later filed proxy or information statement involving the election of directors.<\/p>\n

 <\/p>\n

 <\/p>\n

While perhaps not particularly dramatic, this is a nice step towards making Form 10-K a better communication tool, which is of course a big part of the disclosure effectiveness activities of the SEC. We could even debate whether such a rule is necessary as some companies, GE in particular, already provides such a summary.<\/p>\n

 <\/p>\n

You can read the Interim Final Rule and request for comment here<\/u><\/a>.<\/p>\n

 <\/p>\n

And, if you have not read it recently, Carol and George, your bloggers, suggest taking a look here at the GE Form 10-K<\/u><\/a>. You will find it interesting and the summary is on page 217.<\/p>\n

 <\/p>\n

As always, your thoughts and comments are welcome!<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The SEC, on June 1, 2016, adopted an Interim Final Rule and Request for Comment to implement the Form 10-K summary provisions of The FAST Act. Passed earlier this year, the FAST Act contains a number of SEC reporting requirements, many of which the SEC has already implemented.   The Interim Final rule provides that … Continue reading SEC News \u2013 The FAST Act Form 10-K Summary<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[143],"tags":[48,101,111,32,53,19,67,118,58,107,25,42,24,52,98,45,33,23,73,85,100,121,103,4,5,31,99,18],"coauthors":[163],"class_list":["post-646","post","type-post","status-publish","format-standard","hentry","category-hot-topic","tag-accounting","tag-aicpa","tag-am-law","tag-audit","tag-cpa","tag-fasb","tag-fasbiasb","tag-fast-act","tag-finance","tag-financial-accounting","tag-financial-accounting-standards-advisory-committee","tag-financial-reporting","tag-financial-statements","tag-form-10-k","tag-gaap","tag-governance","tag-icfr","tag-mda","tag-non-gaap","tag-pcaob","tag-pli","tag-pli-free-fridays","tag-pli-securities-regulation","tag-sec","tag-sec-reporting","tag-sec-reporting-skills-workshop","tag-seci","tag-xbrl"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=646"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/646\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=646"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}