Rule Atlas
Regulation S: SEC Reporting: Mastering Forms 10-K, 10-Q, and 8-K for the FAR Exam
Under Regulation S (AICPA / FASB / IRS), sEC Reporting: Mastering Forms 10-K, 10-Q, and 8-K for the FAR Exam establishes the authoritative rules tested on the CPA Exam. A world-class guide to the SEC's periodic reporting framework. VoraPrep verifies every threshold, worked table, and practice question below against the current CPA Exam blueprint.
Current Statutory Thresholds & Limits in Effect
Who's Filing? SEC Filer Classifications
| Filer Classification | Public Float Requirement | Filing Deadlines (10-K / 10-Q) |
|---|---|---|
| Large Accelerated Filer | $700 million or more | 60 days / 40 days |
| Accelerated Filer | $75 million to < $700 million | 75 days / 40 days |
| Non-Accelerated Filer | Less than $75 million | 90 days / 45 days |
Innovate Corp., a newly public company, is preparing its first annual report on Form 10-K. The company's controller asks the engagement CPA which specific SEC regulation prescribes the form and content requirements for the financial statements to be included in the filing. Which regulation should the CPA identify?
Worked Example: Determining a Filing Deadline
Scenario: Alpha Corp. is a public company with a fiscal year-end of December 31. As of June 30, 20X1 (the last business day of its second fiscal quarter), its worldwide public float was $850 million. Alpha has been an SEC filer for five years. What is the filing deadline for its 20X1 Form 10-K?
- Step 1: Classify the Filer. Alpha's public float is $850 million, which is greater than the $700 million threshold. It also meets the other requirements (filer for >12 months, filed one 10-K). Filer Status = Large Accelerated Filer
- Step 2: Identify the Correct Deadline. The deadline for a Form 10-K for a Large Accelerated Filer is 60 days after the fiscal year-end.
- Step 3: Calculate the Due Date. The fiscal year ends on December 31, 20X1. The filing deadline is 60 days after this date. Deadline = December 31, 20X1 + 60 days = March 1, 20X2 (counting 31 days in January and 28 in February 20X2, a non-leap year).
- The tempting-but-wrong answer is 75 days. If you picked 75 days, you likely misclassified the filer. A public float between $75 million and $700 million makes a company an Accelerated Filer. Because Alpha's $850 million float exceeds the $700 million threshold, it falls into the Large Accelerated Filer category, which has a shorter, 60-day deadline.
Common CPA Exam Distractors on Regulation S
- 1Use this repeatable framework to deconstruct any SEC reporting question on the FAR exam.
- 2Step 1. Classify the Filer. The first and most critical step. Read the scenario for the public float amount and the measurement date (last day of Q2). Immediately categorize the company as Large Accelerated, Accelerated, or Non-Accelerated.
- 3Step 2. Identify the Form and Event. Determine if the question is about an annual report (10-K), quarterly report (10-Q), or a specific material event (8-K). Note the fiscal year-end or the date of the 8-K event.
- 4Step 3. Recall the Deadline. Based on the filer status and form type from the first two steps, retrieve the correct filing deadline from memory (e.g., 60 days for a Large Accelerated Filer's 10-K, 4 business days for an 8-K).
- 5Step 4. Calculate the Due Date. Carefully calculate the final date by adding the number of days to the fiscal year-end or event date. Pay close attention to the number of days in each month.
Frequently Asked Questions: Regulation S
What is the core rule under Regulation S (SEC Reporting: Mastering Forms 10-K, 10-Q, and 8-K for the FAR Exam)?
Under Regulation S (AICPA / FASB / IRS), sEC Reporting: Mastering Forms 10-K, 10-Q, and 8-K for the FAR Exam establishes the authoritative rules tested on the CPA Exam. A world-class guide to the SEC's periodic reporting framework. VoraPrep verifies every threshold, worked table, and practice question below against the current CPA Exam blueprint.
How is Regulation S tested on the CPA Exam?
Use this repeatable framework to deconstruct any SEC reporting question on the FAR exam. Step 1. Classify the Filer. The first and most critical step. Read the scenario for the public float amount and the measurement date (last day of Q2). Immediately categorize the company as Large Accelerated, Accelerated, or Non-Accelerated.
Where can I practice CPA Exam questions on SEC Reporting: Mastering Forms 10-K, 10-Q, and 8-K for the FAR Exam?
Test yourself instantly with the free playable CPA Exam question on this page, or launch VoraPrep's full CPA Exam adaptive question bank, interactive lessons, and 1:1 exam simulator at voraprep.com/cpa.