What distinguishes a 10-K from a 10-Q?

The distinction that a 10-K is comprehensive and mandatory, while a 10-Q is less detailed, accurately describes the key differences between these two forms. A 10-K is a thorough annual report that publicly traded companies are required to file with the SEC. It includes a complete overview of the company's financial performance, management discussion, risk factors, and detailed information about the company's operations, properties, and legal proceedings, among other disclosures. This extensive nature allows investors and regulators to gain a complete understanding of the company's finances and strategic direction.

In contrast, a 10-Q is a quarterly report that is less detailed compared to a 10-K. While it does provide important financial information such as income statements and balance sheets for the quarter, the depth of analysis, management discussion, and additional disclosures are not as comprehensive as those found in a 10-K. The focus of the 10-Q is primarily on updates and changes since the last 10-K filing, rather than providing a full-scale overview, making it a more condensed version of corporate reporting.

The other options can be clarified to show their inaccuracies: the 10-K is filed annually, while the 10-Q is filed quarterly; the 10-K includes financial statements as part of its broader