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• W1588974870 abstract "INTRODUCTION Transparency in financial reporting has always been considered positive from the standpoint of financial statement users, but not necessarily something for which management has striven. Rather, corporate managers often envision major part of their role marketing the company, particularly in regard to raising capital and maintaining equity growth. Management can even seem obsessed with painting the company in a good light. Such an obsession by management has many times led to unwarranted surprises for external users of financial statements. This is especially problematic when companies report high-dollar earnings and substantial market share growth one moment only to file for bankruptcy in the next moment. No doubt, dubious information reported by management immediately preceding such bankruptcies were anything but transparent to financial statement users. To gain insights into such lapses in transparency, we first discuss seemingly innocent but often deceptive practice--pro-forma reporting. Thereafter, we provide some thoughts regarding financial reporting under U.S. Generally Accepted Accounting Principles (GAAP) well International Financial Reporting Standards (IFRS). Next, we draw parallels between the coming adoption of IFRS and past pro forma reporting controversies. Lastly, we follow our theoretical discussions with study of student subjects where we address their perceptions regarding whether rules-based versus principles-based accounting standards would be preferable to different external stakeholders. PRO FORMA REPORTING Pro forma reporting has historically been considered means to facilitate the comparison of with apples or means to right wrong with respect to the disclosure of transactions and events which, without special treatment, might mislead investors and other stakeholders. Derived from Latin phrase with the connotation as if, pro forma information has traditionally been associated with reporting infrequent events such change in accounting principle, change in normal operations or change in the entity (e.g., when one company acquires another company). In such instances, pro forma information assists financial statement users by illustrating the financial position, results of operations, and/or cash flows had certain transactions or events not occurred, occurred earlier, or occurred differently. Financial analysts and other financial statement users desire maximum visibility in order to estimate future company earnings. At best, pro forma information cuts through some of the fog and haziness caused by one-time transactions and events, such the expansion of new product line or the elimination of weak segment. At worst, pro forma reporting misleads financial statement users through somewhat dubious one-time charges or credits related to events that have not occurred and may never occur. For example, one company reported pro forma amounts including large gain on sale of subsidiary, while excluding an even larger expense for the amortization of purchased intangibles and other items such research and development charges. Similarly, another company reported multibillion dollar pro forma net income (after selectively excluding various charges), while the actual net loss for the year exceeded one billion. In certain situations the desire to undertake aggressive pro forma practices may appear justifiable to some degree. For example, managers argue that there are deficiencies in GAAP such unrecorded assets like certain patents, trademarks, copyrights, trade secrets, and human resources. Additionally, managers also bemoan the silence of GAAP regarding non-financial factors such product development efficiency, customer satisfaction, market share, and many other similar measures. Admittedly, while some companies may have legitimate arguments regarding such deficiencies, others simply want to trim bad numbers from their financial statements. …" @default.
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• W1588974870 title "Transparency in Financial Reporting: A Look at Rules-Based versus Principles-Based Standards" @default.
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