While "the quality of disclosures has improved," according to Pfizer's Cangialosi, "the quantity is getting overwhelming. Investors have to sift through it themselves and decide for themselves what is significant."

Part of the problem, she says, is that the 10-K has a readership that includes "analysts who do models and mom-and-pop investors," and lots of categories in-between, each with different needs. "As a preparer, I always ask 'who wants this' and the answer is always 'investors.'"