A publicly traded company has a duty to periodically update investors, lenders, customers and other interested parties about its financial condition. Unlike a private company, a public company is regulated by the Securities and Exchange Commission and is subject to federal securities laws that dictate how often, and when, it must issue financial statements. The deadlines for providing financial reports depend on a company’s public float - the market value of its outstanding stock, excluding shares held by insiders. Failure to provide a required financial report by the SEC’s deadline might lead to suspension or delisting of the company’s stock.
Non-Accelerated Filers and Smaller Reporting Companies
A company with a public float less than $75 million is classified as a non-accelerated filer by the SEC, while a public company that has no public float or has revenue less than $50 million is considered a smaller reporting company. Of all public companies, non-accelerated filers and smaller reporting companies have the most generous timelines to prepare their financial statements. Within 45 days of each quarter-end and 90 days of each year-end, these companies must file financial statements with the SEC. In total, all public companies must prepare financial statements for external reporting purposes four times each year.
Large Accelerated Filers
On the other side of the spectrum are large accelerated filers - companies with public float of $700 million or more. A large accelerated filer must file its quarterly financial statements with the SEC within 40 days of quarter-end and its annual financial statements within 60 days of year-end. Despite these short time frames, some companies, such as Amazon and Microsoft, prepare and file their financial statements well ahead of the deadlines.
Related Reading: What Is a Certified Financial Statement?
I'd love to talk to an SEC prosecutor who has prosecuted a closely held S-corporation. If you know one, give me his e-mail address.
I'm sure it's really worth their time to prosecute.
An intelligent investor would want to see a financial statement prior to the purchase of stock. Most small businesses do not have audited financial statements like the big boys (required by the SEC for publicly traded companies), only compilation statements.
There are many things that are "mandatory" in life. Having a prospectus MAY (probably isn't) one of them, but also is not practical
One in 10 Firms Corrects Books Since 1997
One in 10 publicly traded companies made financial restatements because of accounting irregularities in the past five years,Annual restatements from accounting irregularities will increase 170 percent to a projected 250 by the end of 2002 from 92 in 1997,"From January 1997 through June 2002, about 10 percent of all listed companies announced at least one restatement.The restatements cost investors billions -- an average of almost 10 percent of their stock value in the short term, from the day before to the day after the restatement,investors have suffered significant financial harm when the public companies in which they invested misrepresented their financial condition and later restated their financial statements,"weaknesses in corporate management in the restating companies, with auditors and boards of directors failing in their roles, along with securities analysts and credit …
Wallstreet pump monkeys out in full force!
Hope regular Joes wize up...I see alot of so called experts claiming the market is cheap, at a discount, great value...blah blah blah...
The way I see it, these asshats jumped in somewhere at 7,800 ish and are worried the second round of sell off will start in low volume and drive the DJI down to 6,000.
Honestly, dont be a fool, get your money out of the market into safer place. Publicly traded companies have been raped by executives for over 20 years, ALL COMMON STOCKS ARE WORTHLESS if you examine the financial statements of the company.
Besides, this Mardoff thing is about to get much much more exciting