Top 4 reasons why SEC filers outside USA choose DataTracks to file Form 40-F
Canadian corporations registered in Canada, but trading in the US are required by the United States Government to file Form 40-F. The filing of Form 40-F to the US Securities and Exchange Commission (SEC) is in compliance with the Securities Act, which mandates an annual registry of securities traded in the US markets. The primary goal of Form 40-F is to allow investors to make informed decisions based on the company’s financial statements, along with other prerequisite information about the corporation’s objectives and operational overview.
Though over a decade since XBRL was adopted as a pre-requisite by the SEC, filing annual reports remains challenging for many finance professionals. Conversion of account statements to XBRL format is time-consuming and requires precision for tagging. It is also not trivial to ascertain the accuracy of the account as the process requires multiple iterations. Misrepresentation/ errors in the registration statement can lead to legal liabilities.
Overcoming the challenges of SEC compliance
To tackle these challenges posed for SEC compliance, a versatile understanding, accurate financial representation, and a keen understanding of intricacies in a company’s financial statement is necessary. Knowledge and experience in XBRL technology and comprehension of SEC rules are vital to achieve this. The most effective way companies manage SEC compliance is by outsourcing SEC regulatory compliance.
Four reasons why DataTracks is the right choice for SEC Filing
(1) Experience and Professionalism
DataTracks has abundant experience and an impeccable track record in filing SEC compliance with XBRL technology and EDGAR filings. With a strong team of financial professionals trained in US GAAP, IFRS and proficient with XBRL technology, we have filed over 15,000 XBRL exhibits and more than 83,000 EDGAR filing with the SEC taking our tally of clients close to 20,000 across 26 countries.
(2) Data Accuracy
The quantity of work is backed by its foundational values of delivering highly accurate filings with a quick turnaround time. Our 17 years of experience lets us understand the gravity of a single error in SEC filings. Therefore, our team carries an institutional memory that allows them to foresee problems with financial statements and prevent delays and errors that could prove costly for the SEC filers.
(3) Data Protection and Integrity
The thought of letting a third party handle financial data can be daunting. At DataTracks, we take utmost care in processing client data. Our client’s confidence in our ability to manage their data effectively and cautiously comes from the fact that we have been independently audited for the SSAE 18/ISAE 3402 and certified by ISO 9001/27001.
(4) Effortless Last-Minute Edits
DataTracks understand the need for last-minute edits and carry the expertise to ensure these edits are carried out to ensure timely SEC filing without the worry of data inconsistency. We offer 24×7 support to help our clients make the most accurate tagging decisions.
With our proven experience, expertise, and track record, DataTracks serves as a one-stop solution that provides SEC filers of Form-40 f a seamless filing experience that is timely and accurate. For more information, schedule a discussion with our iXBRL expert and understand how we can simplify your SEC compliance requirements.
