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1450 Fiscal Year Presentation
us SEC - Financial Reporting Manual
(Last updated: 3/31/2009)
1450.1 Fiscal Year-End
Fiscal year-end is presumed to be calendar year-end if no closing date has been adopted. [S-X 1-02(k)]
1450.2 Ordering of Fiscal Year Data
Consistent chronological order generally should be followed in presentation of financial data throughout the filing to avoid confusion. [SAB Topic 11E]
1450.3 Length of Fiscal Year
Fiscal years may not exceed 12 months. Under S-X 3-06, nine to twelve months of audited financial statements will meet the requirement for one year of audited financial statements:
a. when a registrant has changed its fiscal year (see Section 1365.2), or
b. for financial statements of an acquired business required under S-X 3-05.
1450.4 Unusual Circumstances
a. S-X 3-06(b) and Target Company Financials Filed under Item 14(c)(2) of Schedule 14A
The provision of S-X 3-06(b) permitting the filing of financial statements covering a period of nine to twelve months to satisfy the one-year financial statement requirement for an acquired business does not apply to financial statements of target companies filed under Item 14(c)(2) of Schedule 14A. Unusual situations can be discussed with CF-OCA. See further discussion at Section 1140.8.
b. S-X 3-06(c)
A registrant cannot substitute nine months of results in satisfaction of a requirement for one year in other circumstances without prior consultation with CF-OCA.
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