20-F vs 10-K: foreign and US annual reports
On 20-F vs 10-K, the two are the annual reports foreign and US companies file with the US Securities and Exchange Commission (SEC). The 10-K is filed by a US domestic company. The 20-F is filed by a foreign private issuer, a non-US company that lists in the US, often through American Depositary Receipts. Same job of laying out the year, different rules on accounting and timing. This guide compares 20-F vs 10-K across who files, accounting, and deadlines. It is not investment advice.
Definition
A 20-F versus a 10-K
are the annual reports foreign and US companies file with the SEC. The 10-K is a US domestic company's annual report. The 20-F is a foreign private issuer's annual report, which may use IFRS or US GAAP and is due within four months of year-end, longer than the 10-K. Source: SEC.
Who files each report?
A 10-K is filed by a US domestic company. A 20-F is filed by a foreign private issuer, which the SEC defines using tests on US ownership and where a company's management and assets sit. A foreign company that fails those tests reports as a domestic filer on a 10-K.
How do they differ?
The differences come down to who files, the accounting used, quarterly reporting, and the deadline.
| What to check | 20-F | 10-K |
|---|---|---|
| Filer | Foreign private issuer | US domestic company |
| Accounting | IFRS (as issued by IASB) or US GAAP | US GAAP |
| Quarterly reports | No 10-Q; Form 6-K for events | 10-Q each of the first three quarters |
| Deadline | Within four months of year-end | 60 to 90 days after year-end |
| Where to read | SEC EDGAR | SEC EDGAR |
4 months vs 60 to 90 days
Annual report deadline: 20-F for a foreign issuer versus 10-K for a US company
Source: SEC
Which one should you read?
Read whichever matches the company. For a US company, the 10-K is the full annual picture, and the three 10-Q reports cover the quarters in between. For a foreign issuer listed in the US, the 20-F is the annual report, and there is no quarterly 10-Q. When you compare a foreign issuer to a US peer, first check which accounting standard the 20-F used, since IFRS and US GAAP can differ. For the annual-versus-quarterly view of a US company, see 10-K vs 10-Q.
Both reports sit on the SEC's EDGAR system, free to read. Flock reads disclosure filings and keeps each one dated and linked to its source, so you can move from a summary to the original filing in one step. What any of it means for your money is your call to make.
Frequently asked questions
What is the main difference between a 20-F and a 10-K?
A 10-K is the annual report of a US domestic company. A 20-F is the annual report of a foreign private issuer that lists in the US. The 20-F allows international accounting standards and has a longer filing deadline. Source: SEC.
Does a foreign company file a 10-Q too?
No. A foreign private issuer that reports on a 20-F does not file quarterly 10-Q reports. It reports material events during the year on a Form 6-K instead. A US company files one 10-K and three 10-Qs. Source: SEC.
Which accounting standards does a 20-F use?
A 20-F can present financial statements under International Financial Reporting Standards as issued by the IASB, or under US GAAP. A 10-K uses US GAAP. Check which one applies before comparing two companies. Source: SEC.
Are 20-F and 10-K filings public?
Yes. Both are filed on the SEC's EDGAR system and are free to read. You can find either report by searching a company's name or ticker. Source: SEC EDGAR.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.