Audit Analytics recently published a new report titled “Late Filings: 2000-2015, Descriptive Statistics and Analysis”. This report looks at trends in Non-Timely notifications for Form 10-Ks over the 16-year sample period for Large Accelerated Filers, Accelerated Filers, and Non-Accelerated Filers.
Some highlights from the report include:
- The total number of NT filings has decreased steadily during the 16-year period.
- However, unlike Accelerated and Non-Accelerated Filers, Large Accelerated Filers have issued an increasing number of NT 10-Ks every year since 2010.
- Although Large Accelerated Filers make up roughly 25% of 10-K issuers, they account for only 2% of the total amount of NTs during the sample period.
- 38% of all NT 10-Ks cited accounting issues as contributing to their delay, and 21% cited pending financial restatements.
Figure 1 shows a drop of over 1,000 NT filings from the peak of the 16-year period.
Figure 2, for Large Accelerated Filers only, initially shows a pattern roughly parallel to the decrease in total NT 10-Ks shown above in Figure 1; however, the trend breaks after 2010, when the number of NT 10-Ks filed by Large Accelerated Filers begins to increase.
From 2010 to 2015, the number of NT 10-Ks filed by Large Accelerated Filers has increased by more than 200%.
Audit Analytics subscribers can login and download the report here.