Lynch noted that only 3% of the 82 major cybersecurity attacks on public companies in 2017 were reported on Forms 8-K
. He told Hinman that the problem is the definition of materiality.
Further, the companies said that Forms 8-K
summarizing the arrangements were also filed on 30 December 2014 with the US Securities and Exchange Commission.
Accelerations of the Time for Filing Forms 8-K
Relating to Changes in Accountants and Resignations of Directors: Amendments to Regulation S-K Regarding Changes in Accountants.
The commission also proposed to shorten the filing deadline for Forms 8-K
to two business days after an event triggering the form's disclosure requirements.
Some reporting requirements could include the annual report; SEC forms 8-K
, 10-K, 10-Q; FASB 5; Sections 6(a) and 11(a) of the 1933 Securities Act; and Section 10(b) of the Securities Exchange Act of 1934.
Accelerations of the Timing for Filing Forms 8-K
Relating to Changes in Accountants and Resignations of Directors; Amendments to Regulation S-K Regarding Changes in Accountants.
Schwartz and Soo (1996, 570) conclude that their "study suggests a need for additional research on the incentives of registrants to manage the disclosure of information and the effectiveness of existing regulatory mechanisms." Carter and Soo (1999) find that only firms that file Forms 8-K on time experience a significant market reaction at the filing date.
We gathered as many of the Forms 8-K as we could from EDGAR and then ordered the remainder from the SEC.
TABLE 2 Sample Selection and Attrition for Form 8-K and SECPS Letter Compliance Test 1995-96 1991-92 Total Sample Sample Sample Original lists 720 883 1,603 Eliminations Auditor changes occurred before July 1 40 41 Registrant was corporate subsidiary, or not a corporation 14 SECPS letter was dated earlier than the auditor change date given in the Form 8-K 26 No evidence of auditor change 39 75 Change was due to a merger of auditors 6 Form 8-K announcing auditor dismissal or resignation was not available 42 271 Predecessor auditor was not an AICPA member 45 12 Subtotal of eliminated auditor changes 212 399 Forms 8-K and/or SECPS letter did not have readable date stamps 109 177 Sample for compliance tests 399 307 706 RESULTS