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What are SEC filings, and why are they important?
The U.S. Securities and Exchange Commission (SEC) is an independent federal government regulatory agency responsible for safeguarding investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation.
SEC filings are essential regulatory documents required of all public companies to provide critical information to investors or potential investors.
SEC filings delivered through EDGAR offer transparency and crucial information for individual and institutional investors, analysts & researchers, and regulators.
Their prominence lies in empowering investors to make informed decisions, identify potential risks, and seize opportunities in the investment landscape.
What are the different types of SEC filings?
SEC filings offer investors crucial information about a company’s financial performance, business plans, and risk factors.
- Annual reports (Form 10-K)
- Quarterly reports (Form 10-Q)
- (Form 8-K) – An 8-K is a report of unscheduled material events
- Proxy statements (Form DEF 14A)
- Registration statements (Form S-1, Form S-3, etc.)
- Foreign Private Issuers with listed equity shares on exchanges in the US to file 20-F annually
- Canadian Companies listed in the US to file 40-F annually
- Other filings, such as 488BPOS, Form 497 for mutual funds
Which format is required for SEC filings?
The SEC requires all public companies to file their annual reports and proxy statements in iXBRL format. Quarterly reports and other filings can be filed in HTML or XBRL format, but iXBRL is preferred.
Who is required to use the US GAAP or IFRS Taxonomy for SEC filings?
All publicly traded companies in the United States are required to file their financial statements with the SEC in iXBRL format. This means that these companies must tag their financial statements with the US GAAP Taxonomy.
Foreign private issuers (FPIs) that are listed on US stock exchanges are also required to file their financial statements with the SEC in iXBRL format. However, FPIs are not required to use the US GAAP Taxonomy. They can instead tag their financial statements with the IFRS Taxonomy or another XBRL taxonomy that is approved by the SEC.
How can DataTracks help me to file SEC reports in iXBRL format?
DataTracks offers a cloud-based solution called DataTracks Rainbow that can help you prepare and file your SEC reports in iXBRL format.
With DataTracks Rainbow, streamline your SEC reporting process effortlessly, collaborate and prepare error-free compliance reports under various disclosure requirements.
DataTracks Rainbow automates the process of tagging your financial data with XBRL tags, and it also provides a variety of tools to help you review and edit your reports before you file them.