Exploring the SEC 10-K – Topic

We are going to explore our company’s SEC-10K. For most, if not all classmates, this will be the first time you have ever seen or read this type of report. Note: the SEC 10-K is an audited report and is filed with the SEC. We do not want to read all the pages, some are over 150 pages long. We need to be able to “navigate” the SEC 10-K report so that we may quickly & efficiently find the information that we may need to answer our employer’s questions.

We must also be concise with what we present to “the boss.” After all, Mr. Warren Buffett does not want to have to read a multipage document when a few short well worded “bullets” provide him a clear picture. He may, of course, want to review what we found. Therefore, we must document out findings. Again, Mr. Warren Buffett does not have hours to spend searching the web and the SEC 10-K to find what you already located and reported on.

Do not repeat the questions or requirements; just provide the answers in a well formatted & documented manner. Please review the Boston Beer Company example, provided as a thread, for an example of how it is to be done.

Use only black & blue text font and a white background for the slides. Do not present any graphics of clip art of any type. Present the following information (note, present only the required information, resist going off on a tangent):

Respond to each of the following from your company’s most recent SEC 10-K filing: (Use the following numberings to help keep track of each item provided.)

> Corporation Name

> What is the date of the most recent Fiscal Year?

1. Item #1:

a. General business activity: be brief be concise & summarize your finding

2. Items #6 & #7:

a. What type of data is provided in Item #6?

b. What are a few of the more interesting topics you found in Item #7?

(Note: be brief, use bullet format, do not retype the whole report the emphasis here is a few not the entire section. Look for material that strikes you as a) important and b) something you did not know before reviewing this section. Remember what I said about Mr. Warren Buffett’s time.)

3. Item #8:

a. Who was the independent auditor?

b. Who did the auditors address their report to?

c. What date was the audit report signed?

d. Summarize the audit opinion in a single short bullet.

e. What are the financial statements, and fiscal years covered, provided in Item #8?

f. What are contained in the first two notes to the financial statements?

g. Is there a note regarding:

> Inventory

> Current Assets

> Property, Plant & Equipment

> Goodwill

> Current Liabilities

> Long Term Debt

4. Item #9 (may be in a sub-lettered item (ie. 9a):

a. Is there a report on internal control?

b. Who were the auditors of the internal control procedures?

5. Who was the Chief Executive Officer who signed the report?

Note: Students must “Start a New Thread” to provide their company’s information. The subject line of that new thread must contain, “Company Name – by Student Name.” Where it says company name: that is the name of the company that the student is selecting. Where it says student name: that is the student’s name who is posting the new thread. All input must be in the LEO text entry box. No attachments are authorized. Be sure your presentation is sharp and professional. Remember, as a junior accountant you are out to impress Mr. Warren Buffett.

Note that your url must be exact & it must be a direct link to the SEC Edgar system (not the company’s home page or some investopediat stuff.) Think of it, Mr. Warren Buffett does not have time to wander the internet to find a specific document so be exact and double check the information provided.

Note: All information presented that was found in the financial reports must be documented.

Use APA style and in addition, page number(s) must be presented for each in text citation.

oExcept for directly quoted material, page numbers are not mandatory in APA style but I am making them mandatory for credit in this presentation.

Present source document as a bibliography complete with the exact url that will directly lead the reader to the exact SEC 10K annual report.

oAdditionally, you must provide a date accessed.

oAgain APA does not mandate this for fixed website, I am making it mandatory for credit.

Note: Students must “Start a New Thread” to provide their company’s information. The subject line of that new thread must contain, “Company Name – by Student Name.” Where it says company name that is the name of the company that the student is selecting. Where it says student name that is the student’s name who is posting the new thread. You must use the text entry thread input for your presentation, no attachments are allowed for this part of the project.

See my example demonstration thread. If there is, any question about how & what to do to accomplish this task, respond to my demonstration thread. I have that thread tagged to alert me that a student has a question.

EXAMPLE

Boston Beer Company by Michael J. Motes, CPA

For the Fiscal Year ended: December 26, 2016

1. Item #1:

a. production of craft beer (p. 1, 2016 SEC 10-K)

2. Items #6 & #7:

a. Item #6: Selected consolidate financial data from the Income Statement, Balance Sheet & production (p. 25, 2016 SEC 10-K)

b. Item #7: Management’s discussion & analysis (p. 25, 2015 SEC 10-K)

>Business Environment: The presentation craft brewing in & competition within the US & influences of foreign breweries(p. 34, 2016 SEC 10-K)

3. Item #8:

a. Deloitte & Touche, LLP (p. 38, 2016 SEC 10-K)

b. The Board of Directors and Stockholders of the Boston Beer Company, Inc. (p. 38, 2016 SEC 10-K)

c. February 22, 2017 (p. 38, 2016 SEC 10-K)

d. That the consolidated financial statements present fairly the financial position of the company with US GAAP (p. 38, 2016 SEC 10-K)

e. Financial Statements:

Consolidated Balance Sheets: FYs 2016 & 2015 (p. 40, 2016 SEC 10-K)

Consolidated Statements of Comprehensive Income: FYs 2016, 2015 & 2014 (p. 41, 2016 SEC 10-K)

Consolidated Statements of Stockholders’ Equity: FYs 2016 & 2015 & 2014 (p. 42, 2016 SEC 10-K)

Consolidated Statements of Cash Flows: FYs 2016 & 2015 & 2014 (p. 43, 2016 SEC 10-K)

f. Note A: Organization & Basis of Presentation

Note B: Summary of Significant Accounting Policies

(p. 44 2016 SEC 10-K)

g. Notes:

> Inventory: Note C (p. 51, 2016 SEC 10-K)

> Current Assets: Note D (p. 51, 2016 SEC 10-K)

> Property, Plant & Equipment: Note E (p. 51 & 52, 2016 SEC 10-K)

> Goodwill: Note F (p. 52, 2016 SEC 10-K)

> Current Liabilities: Note G (p. 52, 2016 SEC 10-K)

> Long Term Debt (Revolving Line of Credit): Note H (p. 52 & 53, 2016 SEC 10-K)

4. Item #9A: Controls & Procedures:

a. Internal Controls are reported Items 9A(a) & (b) (p. 69, 2016 SEC 10-K)

b. Deloitte & Touche, LLP (p. 70, 2016 SEC 10-K)

5. CEO who signed the report: Martin F. Roper (p. 75, 2016 SEC 10-K)

Source:

2016 Boston Beer Company Annual Report (2016 SEC 10K). (SEC Filing Date: 2/22/2017). https://www.sec.gov/Archives/edgar/data/949870/000… Access date March 16, 2017.

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