Once again we’ve reached upon a 10K filing frenzy. Are you ready? According to the SEC’s filing calendar, the due dates for the 2014 year-end 10Ks are March 16 for accelerated filers and March 31 for non-accelerated filers. Whether you have already prepared or not, some things are bound to change at the last minute. It’s just the nature of the business, but there is no need to panic. Just be sure to follow these simple steps and you should be ready for your next 10K filing period.
Get Organized
As many of you know, preparing a 10K is a labor of love but you should still take the time to get organized to ensure your filing process goes smoothly. Create a list of items that need to be done by specific dates or times. No matter how close to the deadline you are, be sure to sort and prepare the most pertinent pieces first before executing your plan of action. For more on getting organized, check out our blog post Preparing Your Filings in Half the Time.
Make a Checklist
As with all filings, you must always be aware of your deadline. When filing a 10K form create a checklist according to due dates. Only list the most important pieces of the puzzle so you don’t overwhelm yourself and simply address all the items on the list in an orderly fashion. As basic as it may seem, this simple task will help you stay focused when things get hectic at the final hour. Also create internal deadlines for each item to help you manage the process and meet SEC deadlines. This way you’ll be ready to file sooner than later.
For help creating your checklist, Deloitte & Touche LLP recently published a SEC Compliance Checklist for Annual Report on SEC Form 10-K.
Keep a Calendar
Keep a calendar of all important dates. Edgar Agents provides a free calendar to all its clients with all the deadline dates, SEC holidays and any other pertinent dates you should know when filing your documents (download calendar). Make copies for all parties involved in the filing. This way everyone stays on the same page and can use the calendar as a tool when discussing next steps.
Know Policies and Procedures
Anyone preparing a company filing should be familiar with Regulation 12B and Regulation S-T, which explains how to prepare and submit documents electronically. If there is anything about filing electronically that you are doubtful about and your research doesn’t answer your questions, give us a call ahead of time. We can help guide you through the necessary steps so you’re prepared to file before the deadline.
In addition, be aware that companies are required to disclose in the annual report whether periodic and current reports are available on their website. To assist with this, Edgar Agents offers its clients an XBRL widget that can be easily uploaded onto your site and updates automatically to display your latest financials. Ask about our XBRL widget when you call.
Deliver Financials First
Submit your financial statements and notes first – these take the longest to process. Statements and notes need to be formatted in Edgar while specific information needs to be tagged in XBRL throughout the document. This procedure can take some time to administer accurately. To help speed and simplify the process, Edgar Agents uses single source technology so changes reflect in both formats simultaneously. However, it is still good practice to send financials and any tables that belong in the document before the main body of the 10K.
Send Changes in Bulk
Submit all your changes at once or in one proof. If there is more than one party reviewing your documents, submit all their edits, plus your edits, in one email or in one proof if possible. This could help speed up the alteration process. Also, be sure to work off of the latest draft when making edits. Working off of an older draft can be confusing to all parties involved.
Check Signatures and Dates
Make sure all signatures and dates are accurate when submitting your documents. Even if the filing date could change during the conversion process (for example if a company decides to file on another date), be sure to double check the dates and signatures before giving final approval to file. It’s important to remember that for Edgar/XBRL, signature requirements are satisfied with the signatory’s name typed into the electronic format, but Registrants are required to retain manually signed authorizations of the typed signatures for five years.
Trust Your SEC Filing Agent
Finally, it is critical that you trust and have confidence in your filing agent. Is your filing agent responsive and available to you 24×7, including weekends and holidays? Do they adjust priorities to ensure that your requests are being met and all questions are being answered? If you are not satisfied with your filer, it’s time for a new one now. The Edgar Agents brand promise is to provide unparalleled customer service that is why we partner with our clients and are available 24×7. We also take on last minute projects even during heavy filing periods.
To learn more about Edgar Agents and our many services, please call us at 732-780-5036 or visit our website at www.edgaragents.com.
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