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• W347783214 abstract "EXECUTIVE SUMMARY * CONTRARY TO WHAT IS REQUIRED IN AUDITED financial statements, the only SEC regulation governing what companies put in their earnings releases is that the information should not be misleading. There are currently no substantive authoritative guidelines that determine when pro forma information is deceptive. * BOTH CORPORATE CPAs AND EXTERNAL AUDITORS should ask questions they think a company is selectively editing its earnings reports, understand the problems with inappropriate pro forma reporting and ensure that financial managers release pro forma information in a balanced way, closer to GAAP-based financials. * AT THE SEC's RECOMMENDATION, Financial Executives International and the National Investor Relations Institute developed guidelines for earnings press releases that stress the need for reconciliation between pro forma and GAAP results. Companies must provide adequate explanation for departures from GAAP. * AN SEC STAFF ADVISORY RECOMMENDS FINANCIAL managers present pro forma and non-GAAP measures in an other data section of selected financial information. * BEFORE A COMPANY ISSUES AN EARNINGS RELEASE, corporate CPAs and external auditors should talk to each to ensure GAAP-based reporting in subsequent financial statements is not unduly influenced by the release's numbers and there are not huge discrepancies. One look at the business pages proves that pro forma financial reporting is on the rise. But there's a right way and a wrong way to use pro forma numbers. When a company uses such information correctly, it helps investors understand its financial performance. Or it can use pro forma results incorrectly--for example, to hide earnings losses from shareholders and analysts. Such actions obscure the truth and ultimately have the potential to undermine the integrity of the financial markets. When companies engage in financial shenanigans, investors first point their fingers at management. But hazy financial reporting can jeopardize the credibility of the accounting profession because the public also may associate ambiguous and inaccurate financial information with corporate CPAs and external auditors. Thus corporate CPAs who provide the numbers for earnings press releases, well auditors who may review earnings reports with their clients before publication, must ensure that companies disclose transparent, high-quality financial information. In light of recent financial reporting scandals, it's clear CPAs should step up to the plate to make sure companies don't report earnings from a biased, inflated perspective. Contrary to what it requires for audited financial statements, the SEC advises companies only that the information in their earnings releases should not mislead. There currently are no substantive authoritative guidelines to help a CPA determine when pro forma information is deceptive. Both corporate CPAs and external auditors should ask questions they think a company is selectively editing its earnings reports, understand the problems with inappropriate pro forma reporting and ensure that financial managers release pro forma information in a balanced way, closer to GAAP-based financials (according to interim guidelines issued by FEI/NIRI and SEC staff recommendations). ANYTHING GOES? The term pro forma refers to as if adjustments to financial information. Financial managers initially employed the term to disclose major, nonrecurring events. The following example illustrates how pro forma numbers can result in misleading investors and statement users instead. Assume Champ Co. has operating revenues of $1 million, operating expenses of $600,000, a nonrecurring, nonoperating gain of $300,000, and a nonrecurring, nonoperating loss of $800,000. What number does Champ Co. report in its earnings press release? a. …" @default.
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• W347783214 date "2002-08-01" @default.
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• W347783214 title "Hazy Reporting: CPAs Can Help Companies Do the Right Thing with Pro Forma Information" @default.
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