Behind the 10-K: An Insider’s View of SEC Reporting ft. Kiran Agarwal (CA, CPA, Senior Reporting Manager, Exela Technologies)

Hi Kiran! Thank you for joining us on Finrep’s podcast and newsletter SEC Reporting Journal, where we cover the lives of SEC reporting professionals. Could you tell us about your journey into SEC reporting and what you currently do?

Hi Gana, thank you for this opportunity. My journey in SEC reporting started in 2015. I cleared my Chartered Accountancy, secured a job at TPMG on the US GAAP auditing side, and that gave me an interest in CPA and US GAAP accounting. I completed my US CPA in 2018 and then joined NetApp in technical accounting and the SEC team. That started my journey in SEC reporting and technical accounting.

What do people misunderstand most about SEC reporting teams? What does a typical life look like?

The life of an SEC reporting professional is like a roller coaster. There are a lot of ups and downs. You enjoy learning new things but it comes with challenges because you interact with many functional teams such as Operations, Legal, FP&A, and Investor Relations. On a day-to-day basis we consolidate data, finalize it, and report to the SEC. You must stay updated with new guidance, SEC requirements, FASB guidance, and SEC comment letters.

What does an end-to-end filing look like?

The SEC team steps in after the quarter close. We start consolidating data from various teams, roll forward the previous 10-K or 10-Q, update it, prepare disclosures and MD&A sections, benchmark against peers, and incorporate new pronouncements. After that, legal and auditors review it, XBRL tagging is done, and finally it is filed.

Have you ever navigated a major restatement, late filing, or comment letter? What did you learn from that experience?

I mostly worked with NetApp, a large accelerated filer, so there were no late filings. I have handled SEC comment letters though, often on segment reporting, goodwill impairment, and non-GAAP disclosures. Non-GAAP remains one of SEC’s favorite areas for comment letters.

When new disclosure requirements arise — such as leases, cybersecurity, AI, or ESG — how do you draft and integrate them?

When I joined NetApp, ASC 842 on leases had just come in. We looked at peer disclosures, benchmarked, compared with the disclosure checklist, and finalized after discussions with auditors and committees. That is the usual process.

What tools have you relied on across Big Four and public companies for preparing and managing these filings?

At TPMG we used Active Disclosure, which handled end-to-end filing including data input, blacklines, review comments, audit trails, XBRL tagging, and final filing. I have also used Workiva. For research, currently we use ChatGPT, but a dedicated research solution would be helpful.

Are you experimenting with automation, AI, or disclosure management products?

We are exploring disclosure management products because disclosure checklists and management remain the biggest pain point for SEC teams.

What trends are you seeing in SEC comment letters more recently? And when guidance is unclear, how do you approach disclosures like MD&A, non-GAAP, or segment reporting?

When guidance feels vague, we rely on disclosure checklists and benchmarking peers. SEC comment letters often target non-GAAP, segment reporting, and impairment disclosures. In those cases, we always use the disclosure checklist, then benchmark against peers, and loop in our team and committees for validation.

What was the most difficult filing you have faced, and what made it so challenging?

At a newly public company, there were no prior documents or tools, and disclosures were scattered across Word and Excel. We had to use third parties for XBRL tagging. At one point, the XBRL team could not tag a debt disclosure just before filing. We had to decide whether to delay or file without it. SEC allowed us to file and then re-file with the tag. That taught me the importance of proper tools and processes.

What practices would you tell junior SEC reporting professionals to focus on for accuracy and speed?

Start by auditing 10-Ks and 10-Qs to understand how numbers flow across statements and work papers. Learn to use new tools and AI to improve efficiency. Always understand the whole financial statement, not just the section you work on.

What is one thing you wish non-reporting teams like FP&A or management understood better about what the SEC reporting team does?

Timely and high-quality inputs are critical. We work on hard timelines like 45 or 60 days and often work late nights. Support from other teams makes a huge difference.

Do credentials like CPA or CMA make a significant difference in career progression?

Yes, 100 percent. A CPA especially helps you understand US GAAP, IFRS, and how to apply guidance in day-to-day work. It makes a significant difference in career progression.

What advice would you give to people early in their career aiming to become SEC reporting leads?

Love accounting, pursue a credential like CPA or CMA, and learn to read financial statements and guidance. SEC reporting is at the center of everything in a company — mergers, debt, share issuances. You are the medium of communication to the outside world, and that is very rewarding.

How do you stay sharp and keep up with changes in the SEC reporting and wider finance space? Are there go-to resources you rely on?

I rely on SEC newsletters and enforcement press releases, Big Four guidance, Workiva and PCAOB industry updates, AICPA releases, and industry-specific meetings. These help me stay updated.

What is the funniest or most challenging footnote or risk factor you have encountered?

The contingencies footnote. We had to consolidate commitments for the next five years across multiple stakeholders, who often did not understand how to calculate them. Consolidating into one final number was extremely challenging.

If you had to give a one-minute elevator pitch to convince someone to join SEC reporting, what would you say?

SEC reporting puts you at the center of everything happening in a company and makes you the medium of communication to the outside world. It is an exciting and impactful career.

Thank you Kiran for your time today!

Thank you Gana for having me.