ExpertHard1 markMultiple Choice
CPA · Question 7 · Area 1: Financial Reporting
Regarding SEC reporting requirements, which of the following statements is correct concerning a 'Large Accelerated Filer'?
Regarding SEC reporting requirements, which of the following statements is correct concerning a 'Large Accelerated Filer'?
Answer options:
A.
They must file Form 10-K within 90 days after fiscal year-end.
B.
They must file Form 10-Q within 45 days after quarter-end.
C.
They must file Form 10-K within 60 days after fiscal year-end.
D.
They are exempt from auditor attestation on internal controls under SOX 404.
How to approach this question
Memorize the filing deadlines: Large Accelerated ($700M+) = 60 days (10K) / 40 days (10Q). Accelerated ($75M-$700M) = 75 days (10K) / 40 days (10Q). Non-accelerated = 90 days (10K) / 45 days (10Q).
Full Answer
C.They must file Form 10-K within 60 days after fiscal year-end.✓ Correct
C
A Large Accelerated Filer (public float >= $700 million) must file Form 10-K within 60 days of year-end and Form 10-Q within 40 days of quarter-end.
Common mistakes
Confusing Accelerated (75 days) with Large Accelerated (60 days).
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