A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC) each year that is a comprehensive summary of a company`s performance. Although similarly named, the annual report on Form 10-K is distinct from the ``annual report to shareholders``, which a company must send to its shareholders when it holds an annual meeting to elect directors (though some companies combine the annual report and the 10-K into one document). The 10-K includes information such as company history, organizational structure, equity, holdings, earnings per share, subsidiaries, audited financial statements, etc.

Historically, Form 10-K had to be filed with the SEC within 90 days after the end of the company`s fiscal year. However, in September 2002, the SEC approved a Final Rule that changed the deadlines for Form 10-K and the quarterly Form 10-Q for ``accelerated filers``; meaning issuers that have a public float of at least $75 million, that have been subject to the Exchange Act’s reporting requirements for at least 12 calendar months, that previously have filed at least one annual report, and that are not eligible to file their quarterly and annual reports on Forms 10-QSB and 10-KSB. These shortened deadlines were to be phased in over a three-year period, however in 2004 the SEC postponed the three-year phase in by one year. As of December 27, 2005, the deadline for filing was still 75 days, however beginning with the fiscal year ending on or after December 15, 2006, the deadline will be 60 days. For further reading, see the Final Rules [1] section of the SEC`s website, referencing Rule 33-8644.

If a shareholder requests a company’s Form 10-K, the company must provide a copy. In addition, an accelerated filer must disclose on Form 10-K whether the company makes its periodic and current reports available, free of charge, on its website.