iXBRL filings is soon to be made mandatory for SEC filers. Here's a closer look on why this is important and why you should adopt this format now. iXBRL is simply a computer-processable and viewable document which combines the qualities of XBRL and HTML in a single document which is viewable in a browser. An iXBRL document is a well-formatted HTML file with the XBRL information embedded beneath.

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For all businesses, 10K and 10Q are the most common SEC filings. Each of them serves a different purpose and has a different role in understanding the business.

However, there are multiple differences between 10K and 10Q SEC reporting, which we will explore in this post.

SEC reporting makes one of the most essential tasks for business when it comes to looking for investors.

The SEC forms consist of proper and correct information about the company, which are carefully read by the investors. Starting from the package of CEO, cash in hand, and company age, there are multiple fields in the file that one needs to fill correctly.

#1 WHAT IS 10Q?

The company’s quarterly report is 10Q, which is generally less detailed than the annual report. Hence, the companies have to fill it within 45 days of the end of their quarter. Long run businesses go through many changes that happen before it reflects earning figures. 10Q reports are extremely beneficial for understanding those changes properly.

#2 WHAT IS 10K?

On a contrary, 10K is the annual report that the companies need to produce once a year to SEC. There are details in the depth of the company and therefore, the investors can make a decision wisely by reading this report. It contains every detail of the company’s future growth starting from the CEO’s salary to the company’s financial condition.

#3 FILING TIME

We already know that the Securities and Exchange Commission filing of 10K is done annually, which means once a year. 10Q filing is done quarterly which means three times a year. You need to file a 10Q after every Three months a year.

#4 10K IS DEPENDENT ON 10Q

Though 10K is substantially greater in scope than a 10Q, it is incomplete without the information gathered from 10Q. The experts suggest that for the preparation of 10K, 10Q is needed, whereas, for 10Q, 10K is not required. So, ultimately, 10K is dependent on 10Q.

#5 COMPANY DETAILS

As we have already discussed, 10K consists of every possible company data such as business, property, staff, financial data, executive compensation, and more. 10Q has a few details to mainly show the result of shareholder voting. As a result, 10K reporting has a larger size than the 10Q.

 #6 AUDITED REPORT

10K is generally an audited report while 10Q is unaudited. 10K requires an external auditor to finish the auditing of a company and then formulate a report based on it. 10Q is an unaudited report and it is mainly filled by the company owner, manager, or professional services providing agency.

#7 TIME OF FILING

There are differences in the filing time of these two reports. 10K needs to be done within 90 days after the end of the company’s fiscal year whereas 10Q needs to be done within 45 days after the end of the company’s fiscal quarter.

For accelerated filer, the companies are given 75 days (10K SEC reporting) and 40 days (10Q SEC reporting) of time.

Form 10K is an annual report and is more comprehensive than a 10Q, which consists of quarterly financial statements and the management’s discussion and analysis disclosure.

The investors will compare 10Qs and tell why there were fluctuations between periods. However, 10K is more preferred by the investors as they always want to get more information on the company’s business plan, risks, management team, and financial condition.

Now that you know the differences between 10Q and 10K reporting, go ahead and prepare your papers accordingly.

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