Public Company Reporting, Segments & Interim Reporting

Securities and Exchange Commission (SEC) forms

• 10-K: 60 / 75 / 90 days (large accelerated / accelerated / non-accelerated).
• 10-Q: 40 / 40 / 45 days; first three quarters only; reviewed, not audited.
• 8-K: significant events, 4 business days.
• S-1: initial public offering (IPO) registration. Regulation S-X = financial statements; S-K = narrative disclosures.
• Large accelerated filer: public float ≥ $700 million.

Segments (chief operating decision maker (CODM) view)

• Reportable if any: revenue (incl. intersegment) ≥ 10%; |profit or loss| ≥ 10% of greater of total profits or total losses; assets ≥ 10%.
• External revenue of reportable segments ≥ 75% of consolidated.
• Disclose significant segment expenses and CODM details.
• Major customer: ≥ 10% of revenue — amount, not name.

Interim reporting

• Integral view.
• Tax: year-to-date income × estimated annual effective rate − tax already recorded.
• Temporary inventory declines and temporary last-in, first-out (LIFO) liquidations: not recognized.
• Unusual items and discontinued operations: in the quarter they occur.

Exam traps

• Interim periods: costs that benefit the whole year (such as annual advertising or property taxes) may be allocated across quarters, but a gain or loss is recognized in the quarter it happens.
• A permanent inventory decline is recognized in the interim period; a recovery later in the same year is a gain, up to the earlier loss.
• A component can be an operating segment even if it sells only to other segments.