Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

Friday, December 28, 2018
Now Showing: Controls & Procedures

Thursday, December 27, 2018
A Reminder on Non-GAAP Reporting Rules

Monday, December 17, 2018
Researching PG&E’s Wildfire Risk

Wednesday, December 12, 2018
Tracking Brexit Disclosures

Thursday, December 6, 2018
Campbell Soup: Looking Behind the Label

Sunday, December 2, 2018
SEC Comment Letters: The Amazon Example

Wednesday, November 28, 2018
Measuring Big Pharma’s Chemical Dependency

Monday, November 26, 2018
Analysts, Can You Relate? A True Story

Monday, November 19, 2018
Digging Up Historical Trend Data: Quest Example

Sunday, November 11, 2018
Cost of Revenue, SG&A: Q3 Update

Monday, November 5, 2018
Lease Accounting: FedEx vs. UPS

Saturday, November 3, 2018
New Email Alerting Powers

Wednesday, October 31, 2018
PTC and Two Tales of Revenue

Tuesday, October 30, 2018
10-K/Q Section Text Change Detection

Sunday, October 28, 2018
Finding Purchase Price Allocation

Sunday, October 21, 2018
Charting Netflix Growth in Three Ways

Wednesday, October 17, 2018
Interesting Data on Interest Income

Thursday, October 11, 2018
The Decline of Sears in Three Charts

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We didn’t plan this, we swear—but one day after our post about how Calcbench users can easily find and read SEC comment letters, the SEC itself gave the perfect example of why you might want to do so.

That example came in the form of comment letters sent to LendingClub, prodding the online lender about its use of non-GAAP accounting metrics. The SEC and LendingClub swapped a series of letters over the summer, as part of the SEC’s regular review of public filers’ financial accounting.

By Nov. 4 the SEC had closed its review with no further action, and per usual routine, the comment letters became public this fall. You can read all about the LendingClub’s exchange in an article from the Wall Street Journal today.

Sympathetic souls might think, “Yuck, that must have been an unwelcome surprise from the SEC.”

Well, no. Not if you keep on the lookout for SEC’s comment letters to your competitors, to see whether questions they receive might eventually become questions you receive, too.

For example, On Deck Capital, an online lender to small businesses, also received SEC comment letters over the summer inquiring about On Deck’s non-GAAP metrics. Another competitor, Prosper Marketplace, had extensive correspondence with the SEC in 2015 over its registration statement.

All of that correspondence has been tucked away in Calcbench’s databases for many months. Comment letters typically don’t become public on the SEC EDGAR database until 20 days after they are sent—but once they are available, then like all SEC filings, they are indexed and added to the Calcbench empire immediately.

For financial reporting professionals, then, keeping tabs on your competitors’ comment letters is a great way to stay ahead of what might be coming your way, too. And keeping tabs has never been easier on Calcbench.

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