1-Explain why a company that is publicly traded using a US market may not file a...

1-Explain why a company that is publicly traded using a US market may not file a report on Form 10-K and still be in compliance with its’ annual reporting obligation.

2- Identify the reports that accompany a set of financial statements .

Solutions

Expert Solution

1. Form 10-k is a comprehensive report about the financial performance, which is to be filed by the public companies, and is required by the U.S. Securities and Exchange Commission (SEC). It is far more comprehensive and detailed than an annual report.

Annual Reports are the financial reports that gives information about the company's performance to its investors and shareholders. It tells the potential people whether to invest or not in a company.

While Form 10-k is not mandatory by all the firms, as it is genrally used by the SEC, the annual reports are used by both, the investors to know about the financial position of a business, as well as the SEC, to find if the company is following the compliances. That is why, every listed company has a compulsion to file the Annual Report.

2. Reports that accompany a set of financial statements are as follow:

a) Internal Financial Control Report, which is prepared by the management of the company.

b) Internal Financial Report, which is prepared by the auditors.

c) Financial statements and related disclosure, which is prepared by the auditors.

A report on the fairness of the accounts and related reports can accompany the financial statements of a non-public organisation. These reports are not obligatory and are based on demand from consumers.

ekkarill92 answered 1 year ago

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