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.
For more information about the Late Filings database or our other databases related to financial reporting issues, please email us at info@auditanalytics.com or call (508) 476-7007.