What it is:

The objective of the 10-K and other SEC-required forms is to provide shareholders and prospective shareholders with accurate, relevant, and timely information about the financial and operating performance of the company.

How it works/Example:

The 10-K is just one of many forms a company that is publicly traded in the U.S. must file with the SEC. The main components include:

SEC regulations S-X and S-K (as well as the instructions to the 10-K form itself) dictate the specific elements, presentation, and disclosure requirements of the 10-K. Historically, companies had 90 days from the end of their fiscal years to file a 10-K. However in 2002, the SEC created new deadlines that range from 40 to 90 days depending on company size. In general, public companies with less than $10 million in assets do not have to file 10-Ks or other required forms.

Why it Matters:

A 10-K is a comprehensive annual financial review that public companies in the U.S. are required to submit to the Securities and Exchange Commission (SEC) each year.

Best execution refers to the imperative that a broker, market maker, or other agent acting on behalf of an investor is obligated to execute the investor's order in a way that is most advantageous to the investor rather than the agent.