STRUCTURE PRECEDES PERFORMANCE

THE AMERICAN BULLETIN OF STOCK ANALYSIS

Doctrinal counterweight to the structural fragility of modern financial analysis.

Filings Guide

How to Read a 10-K for Structural Evidence

The 10-K is not a narrative document. It is a contractual disclosure record. ABSA treats it as a map of constraints: obligations, temporal distribution, and structural dependence. The purpose of this guide is to establish where admissible evidence resides and what the filing can and cannot justify.

ABSA does not provide investment recommendations. This guide is interpretive and evidence-oriented.

Doctrine

Evidence in a 10-K is hierarchical.

The primary error in reading filings is treating all sentences as equal. ABSA distinguishes between: (i) auditable statements, (ii) contractual disclosures, and (iii) managerial explanation. Only the first two categories can bear structural conclusions.

Tier I

Audited Financial Statements

Balance sheet, income statement, cash flow statement, and statement of equity. These are structured and auditable. ABSA reads them as constraint summaries, not as performance banners.

Tier II

Notes and Contractual Disclosures

Debt maturities, lease commitments, contingencies, segment disclosures, revenue recognition, and risk factors. This is where hidden rigidity often resides.

Tier III

Management Discussion (MD&A)

Valuable for context, insufficient for proof. ABSA treats MD&A as explanation—never as a substitute for obligations, maturities, or hard constraints.

The Lexicon defines formal boundary conditions for interpretation and classification. This page provides a conceptual reading posture only.

Filing Map

Where structural evidence typically resides.

The sections below are not a checklist of “what to do.” They are a map of where the filing tends to disclose binding constraints. ABSA’s operational method determines how these disclosures are interpreted and governed.

Section

Debt and Credit Arrangements

Maturity ladders, interest terms, covenants, and refinancing concentration. Often the clearest disclosure of temporal constraint.

Section

Commitments and Contingencies

Obligations that behave like debt: leases, purchase commitments, litigation exposure, and structured obligations.

Section

Cash Flow Statement Construction

The bridge between accounting earnings and operational reality. ABSA reads cash flow for persistence and sufficiency under constraint.

Section

Revenue Recognition and Segment Notes

Useful for detecting interpretive fragility: where performance becomes dependent on accounting choice rather than structure.

Next filings modules (to be published): debt footnotes, cash flow interpretation, non-GAAP reconciliation.

Interpretive Governance

Evidence without definitions produces false certainty.

A filings guide can tell you where the evidence lives. It cannot govern meaning. ABSA governance—formal definitions, normalization, and classification constraints—resides exclusively in The Forensic Lexicon (Vol. I).

Request Clearance (Vol. I)

Distributed via Gumroad. Non-predictive. Filings-first doctrine.

Structural condition, when observed at scale, is recorded in the ABSA Scale Registry .