United States

Financial Reporting Obligations for Companies in the United States

1. Registry for Submitting Financial Statements

In the United States, companies are required to submit their financial statements to the Securities and Exchange Commission (SEC) ( https://www.sec.gov). The SEC’s online filing system is called EDGAR (Electronic Data Gathering, Analysis, and Retrieval) ( https://www.sec.gov/edgar.shtml).

Public Access to Financial Statements:

In the United States, financial statements of public companies are publicly available through the SEC EDGAR database (https://www.sec.gov/edgar.shtml).

However, financial reports of private companies (LLC, LP, LLP and other non-listed entities) are not publicly accessible. Such reports may be filed with the IRS or state authorities but are not disclosed to the general public.

2. Legal Forms Obliged to Publish Financial Statements

  • C-Corporation (Public Corporation)
    Translation: Joint Stock Company
    Notes: Publicly traded corporations must file audited financial statements with the SEC.
  • S-Corporation
    Translation: Corporation (special tax status)
    Notes: Generally exempt unless publicly traded or subject to specific state rules.
  • Publicly Traded Companies
    Translation: Joint Stock Companies
    Notes: Required to publish audited annual reports via SEC EDGAR.
  • Banks and Financial Institutions
    Translation: Corporation / Bank Holding Company
    Notes: Must file reports with SEC, Federal Reserve, or FDIC (depending on charter).
  • Large Private Entities (LLC, LP, LLP)
    Translation: Limited Liability Company / Limited Partnership / Limited Liability Partnership
    Notes: Required to report if exceeding thresholds or in regulated industries.
  • Nonprofit Organizations (501(c)(3))
    Translation: Nonprofit Corporation
    Notes: Must file IRS Form 990 with the IRS (https://www.irs.gov); audited financials may be required by state law or funding contracts.

Legal Forms Not Obliged to Publish Financial Statements

  • Sole Proprietorship
    Translation: Sole Proprietorship
    Notes: No obligation to publish; reports income on owner’s personal tax return.
  • General Partnership
    Translation: General Partnership
    Notes: No obligation unless subject to sector-specific regulation.
  • Small Private Companies (LLC, LP, LLP under thresholds)
    Translation: Limited Liability Company / Limited Partnership / Limited Liability Partnership
    Notes: Not required to publish unless in regulated industries or exceeding thresholds.

3. Companies Requiring Audited Financial Statements

Audit obligations depend on size, public status, or industry. Publicly traded companies must always provide audited statements. Private companies may be subject if they exceed thresholds or are in regulated industries.

Legal Form

Rule

Criteria

C-Corporation (Corporation)

Must audit financial statements if publicly traded or if meeting size thresholds.

Total assets (more than) $10 million; public companies must audit regardless of size.

S-Corporation (Corporation)

Required if company has significant turnover or is publicly traded.

Turnover (more than) $5 million; public companies must comply regardless.

Publicly Traded Companies (Joint Stock Companies)

Auditing is mandatory under U.S. SEC rules.

All publicly traded companies must audit financial statements.

Limited Liability Company (LLC)

Required if meeting specific thresholds or is publicly traded.

Publicly traded or turnover (more than) $10 million.

Limited Partnership (LP)

Required if subject to SEC reporting or meeting size criteria.

Turnover (more than) $5 million or total assets (more than) $10 million.

Limited Liability Partnership (LLP)

Required if meeting size thresholds or subject to regulatory oversight.

Total assets (more than) $10 million or turnover (more than) $5 million.

Nonprofit Corporation (501 (c) (3) )

Auditing required if exceeding state-specific revenue thresholds or required by grant providers.

Typically required if revenue exceeds $1 million or as required by specific state law or major grant providers.

4. Local Stock Exchange and Financial Statements Publication

Companies listed in the United States must publish financial statements through their respective stock exchange and via SEC EDGAR. Main exchanges include the New York Stock Exchange (NYSE) (https://www.nyse.com) and NASDAQ (https://www.nasdaq.com).

5. Deadline for Submitting Financial Statements

Public companies: generally 60–90 days after fiscal year-end (depending on filer status). Private companies: no federal deadline; state or contractual deadlines may apply.

6. Companies Submitting Partial Financial Statements

Partial statements are not accepted, except for interim or quarterly filings (Form 10-Q) by public companies through EDGAR.

7. Consequences for Late Submission of Financial Statements

Failure to file may result in SEC fines, penalties, legal enforcement actions, or delisting from stock exchanges.

8. Requirements for Foreign-Owned Branches and Newly Established Companies

Foreign-owned corporations with at least 25% foreign ownership must file IRS Form 5472 (https://www.irs.gov/forms-pubs/about-form-5472). Newly established companies follow the same SEC and IRS rules as domestic companies, with initial filings at the end of their first fiscal year.

Sources

Source Link
Securities and Exchange Commission (SEC) https://www.sec.gov
SEC EDGAR System https://www.sec.gov/edgar.shtml
Internal Revenue Service (IRS) https://www.irs.gov
IRS Form 5472 https://www.irs.gov/forms-pubs/about-form-5472
New York Stock Exchange (NYSE) https://www.nyse.com
NASDAQ https://www.nasdaq.com
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