Earlier this year, March 1, 2017 to be exact, the Securities and Exchange Commission announced that foreign private issuers (FPIs) following International Financial Reporting Standards (IFRS) and filing 20-F/40-F with the SEC in Edgar format now need to file in XBRL for fiscal periods ending on or after December 15, 2017.
According to an Investment News report, despite a leaner Securities and Exchange Commission budget for the 2018 fiscal year beginning this October, registered investment advisors can expect more oversight, including a 5 percent increase in “risk-based examinations” to evaluate compliance with applicable regulatory requirements.
While Tesla’s cars can accelerate from zero to 60 miles per hour in mere seconds, the company’s communication with the Securities and Exchange Commission over its accounting took months.
According to a Market Watch report, after Tesla filed a joint proxy statement and prospectus announcing its proposed acquisition of Solar City Corp on Aug. 31, the SEC reached out regarding the company’s accounting. Several letters between the SEC and Tesla’s lawyers overseeing the acquisition, five amendments to the original registration filing and at least one conference call followed. As the report cleverly states, the company got the memos, but not the message.
Great job filing your 10-K for last year! It’s hard to believe, but March approached quickly, and now April has already come and gone. Don’t let time start getting the best of you before ensuring that your reporting process this year will be a breeze! Here are a few tips to keep in mind: