01—Abstract
Summary
Summary of the 10-K/A filed May 9, 2013. Cited figures are marked; the original filing is the authoritative source.
This filing is an amendment (10-K/A) to The Bank of New York Mellon Corporation's (BK) 2012 Annual Report.
The primary purpose of this amendment is to restate Part II, Item 9A concerning the company's disclosure controls and procedures. Specifically, management identified that the disclosure controls and procedures were not effective as of December 31, 2012, due to issues with the processes and procedures for reporting Assets under Custody and/or Administration (AUC/A). While the errors related to AUC/A are noted as being unrelated to internal controls over financial reporting, the company has taken steps to remediate these issues by streamlining and enhancing data collection processes and systems for AUC/A.
A broader review of reporting processes for other public filing information has also commenced, with ongoing efforts to correct and improve policies and procedures. This amendment assures investors that the company is actively addressing control deficiencies and strengthening its reporting mechanisms.
02—Key points
Key Highlights
- This filing is an amendment (10-K/A) to BK's 2012 Form 10-K, specifically addressing disclosure controls and procedures.
- Management concluded that disclosure controls and procedures were not effective as of December 31, 2012.
- The ineffectiveness was primarily due to issues with the reporting processes for Assets under Custody and/or Administration (AUC/A).
- The AUC/A reporting errors are stated to be unrelated to the company's internal control over financial reporting.
- BNY Mellon has initiated remediation efforts to streamline and enhance AUC/A data collection processes and systems.
- The company is also reviewing other public filing reporting processes and committed to ongoing improvements.
- No material changes to internal control over financial reporting occurred during the fourth quarter of 2012.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-K/AFY2012filed May 9, 2013Financial Statements
FY2012 against FY2011
| Line item | FY2012FY2011 | Change |
|---|---|---|
| Revenue | $14.53B$14.68B | −1.0% |
| Operating Income | $2.44B$2.52B | −3.1% |
| Interest Expense | $534.00M$604.00M | −11.6% |
| Net Income | $2.42B$2.52B | −3.9% |
| EPS (Basic) | $2.03$2.03 | 0.0% |
| EPS (Diluted) | $2.03$2.03 | 0.0% |
| Shares Outstanding (Basic) | 1.18B1.22B | −3.6% |
| Shares Outstanding (Diluted) | 1.18B1.22B | −3.6% |
05—Questions
Frequently Asked Questions
What is the main reason for this Amendment No. 1 to the 10-K filing?
The primary purpose of this Amendment No. 1 is to amend and restate Part II, Item 9A of the original 10-K filing. This section pertains to the company's disclosure controls and procedures, and the amendment clarifies the conclusion regarding their effectiveness as of December 31, 2012.
Were there any material weaknesses in financial reporting controls identified?
No, the filing explicitly states that the issues identified related to the reporting of Assets under Custody and/or Administration (AUC/A) were unrelated to the company's internal control over financial reporting. The effectiveness of internal control over financial reporting was not materially affected by any changes during the fourth quarter of 2012.
What steps is BNY Mellon taking to address the identified disclosure control issues?
BNY Mellon is taking steps to remediate the issues by streamlining and enhancing the data collection processes and systems related to AUC/A. They have also commenced a review of the processes for reporting other information in their public filings and are committed to correcting and enhancing their policies and procedures going forward.
Does this amendment affect the financial statements or other information from the original 2012 10-K filing?
No, this Amendment No. 1 does not amend or update any other information in the original filing. It is solely focused on the disclosure controls and procedures. Investors should read this amendment in conjunction with the original 10-K filing.
06—Continue