SEC Amends 10-K Rule To Make Annual Reports User Friendly

Law360, New York (June 2, 2016, 4:14 PM EDT) -- The U.S. Securities and Exchange Commission approved an interim rule Wednesday, mandated by Congress, designed to ease the readability of corporate disclosures by allowing public reporting companies to synopsize business and financial information contained in their annual 10-K report.

The interim rule grants companies the option to provide a summary page in their 10-K report, so long as each item contains an electronic link that connects to more detailed explanations in the filing. The SEC said its proposal, which is open for public comment for 30 days, provides issuers flexibility in that it doesn't prescribe the length of the summary, other...

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