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10 Pa. Code § 609.036. Financial statements; annual reports.

§ 609.036. Financial statements; annual reports.

 (a)  Distribution and auditing.

   (1)  If an issuer is required under the act and this title to distribute financial information to securityholders, it must include all of the following financial statements:

     (i)   Balance sheets, statements of income, stockholders’ equity and cash flows all in comparative form, for the issuer’s last 2 fiscal years.

     (ii)   Consolidated financial statements of the issuer and its subsidiaries, or both, in comparative form, for the issuer’s last 2 fiscal years.

   (2)  The financial statements shall be audited and prepared in conformity with generally accepted accounting principles applied consistently with past periods or noting any changes, except that the financial statements do not need to be audited if the issuer is permitted by this title or by the Department to distribute unaudited financial information to securityholders.

 (b)  Form of financial statement. For purposes of this section, the Department used the corporate form of financial statement title, but because financial statement title terminology may differ for other types of accounting entities, including nonprofit organizations, those entities shall include the analogous financial statements.


   The provisions of this §  609.036 issued under the Pennsylvania Securities Act of 1972 (70 P.S. § §  1-101—1-704); amended under section 202.C of the Department of Banking and Securities Code (71 P.S. §  733-202.C); section 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. §  1-609(a)); and section 9(b) of the Takeover Disclosure Law (70 P.S. §  79(b)).


   The provisions of this §  609.036 adopted April 25, 1975, effective April 26, 1975, 5 Pa.B. 980; amended June 20, 1975, effective June 21, 1975, 5 Pa.B. 1593; amended October 1, 1982, effective October 2, 1982, 12 Pa.B. 3502; amended January 8, 1999, effective January 9, 1999, 29 Pa.B. 202; transferred and renumbered from 64 Pa. Code §  609.036, December 14, 2012, effective December 15, 2012, 42 Pa.B. 7533; amended January 12, 2018, effective January 13, 2018, 48 Pa.B. 389. Immediately preceding text appears at serial page (364854).

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