Understanding the Financial Reporting Process

1. The information in E5 8 indicated that the Cendant Corporation press release was issued on February 13, yet the company’s year end was six weeks earlier on December 31. Why did the company wait so long to issue the press release? Why weren’t the financial results announced on January 1?

2. The 10 K was filed on March 1, 2006. Why would the company wait so long to file the 10 K?

Why wouldn’t it be filed at the same time the press release was issued?

3. Is the company’s glossy annual report likely to be issued before or after the 10 K?