Below is a summary of the rule changes, guidance, and disclosure considerations related to annual reports on Form 10-K to be filed in 2021.
Reminders for Preparing the Form 10-K
Coming Soon: Additional Regulation S-K Amendments
In November 2020, the SEC adopted amendments to certain financial disclosure requirements in Regulation S-K, including MD&A. These amendments are effective February 10, 2021; however, there is a transition period for compliance. Companies will be required to apply the amended rules for their first fiscal year ending on or after August 9, 2021. Notwithstanding the transition period, companies may apply the amended rules at any time after the effective date so long as they provide disclosure responsive to an amended item in its entirety. For a detailed description of these amendments, please see our previous alert.
 In the Matter of The Cheesecake Factory Incorporated, Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order, Release No. 90565 (December 4, 2020), available here.
 See Food Marketing Institute v. Argue Leader Media, 139 S. Ct. 2356 (2019).