SEC Financial Reporting Series 2020 SEC annual reports — Form 10-K Contents 1 Overview ............................................................................................................................ 1 1.1 Section highlights .................................................................................................................. 2 1.2 EY publications and checklists ................................................................................................ 2 1.3 Other considerations in preparing Form 10-K .......................................................................... 3 2 General rules ..................................................................................................................... 5 2.1 When the report is due ........................................................................................................... 6 2.1.1 Large accelerated filer determination ............................................................................. 6 2.1.2 Accelerated filer determination ...................................................................................... 7 2.1.3 Non-accelerated filer determination ............................................................................... 8 2.1.4 Exit provisions .............................................................................................................. 8 2.1.5 Transition between acceleration status categories and requirement for auditor attestation of ICFR ........................................................................................... 10 2.1.6 Acceleration status after IPO ....................................................................................... 11 2.1.7 Financial schedules ..................................................................................................... 11 2.1.8 Part III information ...................................................................................................... 11 2.1.9 Financial statements of significant equity investees ...................................................... 11 2.1.10 Initial Form 10-K filing due date for registrants ............................................................. 12 2.1.11 Initial Form 10-K filing due date for Regulation A issuers ............................................... 12 2.2 Electronic filing using EDGAR................................................................................................ 12 2.3 XBRL................................................................................................................................... 13 2.3.1 Background ................................................................................................................ 13 2.3.2 SEC’s requirement for interactive data (XBRL) .............................................................. 13 2.3.2.1 Final rule on Inline XBRL filing of tagged data .............................................. 13 2.3.2.2 Existing requirements for XBRL exhibits...................................................... 14 2.3.2.3 SEC observations ...................................................................................... 14 2.3.2.4 Disclosure controls and procedures considerations ...................................... 15 2.3.2.5 Internal control over financial reporting ...................................................... 15 2.3.2.6 Consequences of noncompliance ................................................................ 15 2.3.2.7 Liability considerations .............................................................................. 16 2.3.2.8 SEC form cover page requirements ............................................................ 16 2.3.2.9 AICPA attestation guidance ....................................................................... 16 2.3.3 Taxonomies ................................................................................................................ 16 2.4 Signatures and director involvement ..................................................................................... 16 2.5 Section 906 management certifications ................................................................................ 18 2.6 Transmittal letter ................................................................................................................. 18 2.7 Content of the report ........................................................................................................... 18 2.8 Wholly owned subsidiaries .................................................................................................... 20 2.9 Combined periodic reporting ................................................................................................ 21 2.9.1 Parent and subsidiary .................................................................................................. 21 2.9.2 Multiple series registrants ............................................................................................ 21 2.10 Incorporation by reference ................................................................................................... 22 2020 SEC annual reports — Form 10-K | i Contents 2.10.1 Cross-referencing and location of financial statement disclosures .................................. 23 2.11 Integrated reports................................................................................................................ 23 2.12 Summary annual reports ...................................................................................................... 24 2.13 Amendments and comprehensive annual reports .................................................................. 24 2.13.1 Amendments .............................................................................................................. 24 2.13.2 Comprehensive annual reports .................................................................................... 25 2.14 Forward-looking information ................................................................................................ 26 2.15 Non-GAAP financial measures .............................................................................................. 29 2.15.1 Definition .................................................................................................................... 29 2.15.2 Conditions for presentation ......................................................................................... 29 2.16 Transition report — change in fiscal year ................................................................................ 31 2.16.1 Transition reporting on Forms 10-K and 10-Q ............................................................... 32 2.16.2 Transition period of six months or more ....................................................................... 32 2.16.3 Transition period less than six months .......................................................................... 33 2.16.4 Reporting prior to the determination date .................................................................... 33 2.16.5 Quarterly reporting during transition ............................................................................ 34 2.16.6 Quarterly reporting after transition .............................................................................. 34 2.16.7 Reporting fiscal year changes on Form 8-K ................................................................... 35 2.16.8 Transition reporting for successor issuers .................................................................... 35 2.16.9 MD&A and selected financial data for transition periods ................................................ 35 2.16.10 Examples of reporting requirements for changes in year end ......................................... 35 3 Part I ................................................................................................................................ 41 3.1 Item 1. Business .................................................................................................................. 41 3.2 Other business-related disclosures ........................................................................................ 42 3.2.1 Effect of compliance with government regulations ........................................................ 42 3.2.2 Human capital resources ............................................................................................. 43 3.2.3 Website access disclosure ............................................................................................ 44 3.3 Item 1A. Risk factors ............................................................................................................ 45 3.4 Item 1B. Unresolved staff comments .................................................................................... 46 3.5 Item 2. Properties ................................................................................................................ 46 3.6 Item 3. Legal proceedings .................................................................................................... 47 3.6.1 Disclosure of certain tax penalties ................................................................................ 48 3.7 Item 4. Mine safety disclosures ............................................................................................. 49 4 Part II ............................................................................................................................... 51 4.1 Item 5. Market for registrant’s common