20-F vs 10-K
A FilingRadar Editorial guide ·
20-F
Foreign Annual Report
A 20-F is the SEC's annual report form for foreign private issuers — the international equivalent of a 10-K.
Full 20-F definition →10-K
US Annual Report
A 10-K is the comprehensive annual report every US public company files with the SEC, covering financials, risks, and operations.
Full 10-K definition →Side-by-side: every attribute that matters
| Attribute | 20-F | 10-K |
|---|---|---|
| Who files it | Foreign private issuers (e.g., ASML, TSMC, Alibaba) | US-domiciled public companies |
| Accounting standard | IFRS or home-country GAAP (no reconciliation required since 2007) | US GAAP |
| Filing deadline | 4 months after fiscal year-end | 60-90 days after fiscal year-end depending on filer status |
| Quarterly reporting required? | No — interim updates via 6-K filings instead | Yes — three 10-Qs per year (Q1, Q2, Q3) |
| Audited financials? | Yes | Yes |
| Executive compensation disclosure | Aggregated only (home-country rules), not individual | Individual NEO compensation in DEF 14A (cross-referenced) |
| Risk factors section | Item 3.D — Risk Factors (full disclosure required) | Item 1A — Risk Factors |
| MD&A equivalent | Item 5 — Operating and Financial Review and Prospects | Item 7 — Management's Discussion and Analysis |
| Internal controls (SOX 404) | Required for accelerated filers; same standards as US issuers | Required for accelerated filers |
| Late-filing notification | Notification by 12b-25 (uncommon — deadline is generous) | NT 10-K |
| Best for retail investors when | Researching foreign ADRs and dual-listed names | Researching US-domiciled public companies |
When to read which
Read 20-F when…
When you own ADRs of a non-US company (TSMC, ASML, Alibaba, Shopify, etc.). The 20-F is the most complete annual document; pair it with 6-K filings to track interim news, since most foreign issuers do not file 10-Qs.
Read 10-K when…
When the company is US-domiciled. The 10-K plus three 10-Qs per year give you continuous coverage in standardized US GAAP — easier for direct peer comparisons.
Frequently asked
What is the difference between a 20-F and a 10-K?
20-F (Foreign Annual Report) and 10-K (US Annual Report) are both SEC filings, but differ on audit status, deadline, length, and content scope. The table above lists every attribute that matters.
When should I read a 20-F?
When you own ADRs of a non-US company (TSMC, ASML, Alibaba, Shopify, etc.). The 20-F is the most complete annual document; pair it with 6-K filings to track interim news, since most foreign issuers do not file 10-Qs.
When should I read a 10-K?
When the company is US-domiciled. The 10-K plus three 10-Qs per year give you continuous coverage in standardized US GAAP — easier for direct peer comparisons.
See 20-F and a 10-K in real filings
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