As part of the SEC mission to protect investors, the SEC outlines an abundance of reporting requirements for publicly traded companies. This course will delve into Regulation S-X, S-K and 8K that lays out reporting requirements for various SEC filings used by public companies.
Regulation S-X is a prescribed regulation in the U.S. that lays out the specific form and content of financial reports, specifically the financial statements of public companies. Regulation S-X extends the meaning of the term 'financial statements' to include all notes to the statements and all related schedules. Regulation S-X is closely related to Regulation S-K lays out reporting requirements for various SEC filings and registrations used by public companies. Regulation S-X profoundly affects internal and external accountants, auditors and officers and numerous officials, employees and contractors of publicly reporting companies. Because of the need for accurate reporting, any operation of a company may be affected to require ultimate compliance with Regulation S-X and the Sarbanes-Oxley Act.
An 8-K is a report of unscheduled material events or corporate changes at a company that could be of importance to the shareholders or the SEC. Also known as a Form 8K, the report notifies the public of events, including acquisitions, bankruptcy, the resignation of directors, or changes in the fiscal year.
This session will provide the participant with an overview of the SEC filing and financial reporting requirements related to Regulation S-K from the accountant's perspective. We will discuss elements that accountants and auditors must be aware of when preparing those filings as well as obtain an understanding of reference materials available. This includes a discussion of the various sections of regulation S-X and S-K and 8K.
Publication Date: April 2021
Topics Covered
- Regulation S-X
- Regulation S-X Articles
- Interim FS Condensed Statements
- Financial Information
- Management and Certain Security Holders
- Registration Statement and Prospectus
- Interpretations and Extensions of Regulation S-K
- 8-K
- SEC Comment Letter Process
- Staff Accounting Bulletins and FR Releases
- Recognize what is typically included in a Registration Statement
Learning Objectives
- Recognize the various critical components of Regulation S-X requirements for financial statements
- Identify Regulation S-K requirements for information outside the financial statements, including Management's Discussion and Analysis and executive compensation
- Describe the purpose and use of form 8K
- Recognize the SEC's filing forms and rules
- Identify SEC staff accounting bulletin process and financial reporting releases
- Recognize SEC comment letters and how to deal with them and how to avoid them
- Describe the purpose of Form S-1
- Recognize the Commercial and Industrial companies referred to as in Regulation S-X Article 5
- Describe what type of information Regulation S-K focuses on
- Identify the objectives of Management Discussion and Analysis
- Describe a roll-up transaction
- Identify the purpose of a Staff Accounting Bulletin
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.