20-F

DEFINITION

Foreign companies that list ADRs on US exchanges (like ASML, TSMC, Alibaba) file a 20-F instead of a 10-K. It covers the same ground as a 10-K — audited financials, risk factors, business description, MD&A — but allows IFRS or local GAAP rather than US GAAP, and the deadline is more lenient (4 months after fiscal year-end). Quarterly reporting is not required; foreign filers update via 6-Ks instead.

WHY IT MATTERS FOR RETAIL INVESTORS

If you own ADRs of a non-US company, the 20-F is the most complete annual document you will ever get. Many foreign issuers do not file quarterly 10-Qs, so the 20-F gap year can leave you blind for months — pair it with 6-K filings to track interim news. Accounting differences (IFRS vs. US GAAP) can shift reported earnings materially; compare like-for-like when benchmarking against US peers.

RELATED TERMS

• 10-K
• 6-K
• 40-F
• ADR
• Foreign Private Issuer