40-F (Annual Report for Canadian Companies)
The annual report filed by Canadian companies listed in the U.S. — the document prepared under Canadian rules is filed in the U.S. as is.
In plain terms
The U.S. and Canada have a system that recognizes each other's disclosure documents. So an eligible Canadian company can file the annual report prepared under Canadian rules in the U.S. as it is, and that form is the 40-F.
Even though both are "annual reports from foreign companies," this differs from the 20-F. The 20-F is rewritten to fit U.S. forms, while the 40-F attaches the Canadian document.
What it tells you
It contains financial statements prepared under Canadian standards and management's discussion and analysis (MD&A). The accounting standard is usually IFRS, and the currency is sometimes the Canadian dollar.
Being an annual report, it comes out once a year. Quarterly matters are posted from time to time on [6-K](form-20f).
Formula
40-F = annual report under the Multijurisdictional Disclosure System (MJDS) Who files = eligible Canadian companies Compare = other foreign companies file [20-F](form-20f) · U.S. companies file 10-K
What high or low means
The cover page shows which accounting standard and currency were used. Checking those two first when viewing the figures alongside U.S. companies reduces misunderstanding.
Our screen shows this form in the recent filings list. However, financial metrics may be blank for stocks that file the 40-F, because the data does not arrive with U.S. form tags — in that case the screen also notes the reason for the blanks.
**It is not in the same format as a 10-K.** Item numbers and their order follow Canadian rules, so the content you looked for in a U.S. document may not be in the same place.
**The currency differs.** Comparing amounts stated in Canadian dollars directly against a U.S. dollar share price gives a mismatched meaning.
Quarterly reporting obligations differ from those of U.S. companies. If the same format of material does not appear every quarter, that is what the rules provide, not something the company left out.
Metrics to read alongside
See it in real stocks
Search US stocks on Stocklore to see 40-F and other financial metrics alongside the sector benchmark.
This explanation is for information and reference only and is not a recommendation to buy or sell any security. Investment decisions and their consequences are your own.