Trendy topics come and go, and the financial reporting industry is no exception. Lately, the trending topic in financial reporting has been the use of non-GAAP metrics. Non-GAAP got a new spin after SEC Chairman Mary Jo White in her … Continue reading
Category Archives: Non-GAAP
Non-GAAP Déjà Vu
As our analysts monitor Non-Timely filings, we sometimes get the sense that we’ve heard something before, like a tune stuck in your head that you can’t quite name. Early this week, we read an unusual NT-10-K from OM Asset Management stating that the company had to … Continue reading
Non-GAAP Metrics in SAB 99 Materiality Analyses
The pros and cons of non-GAAP metrics have been discussed in more than a few recent articles. Proponents of non-GAAP frequently claim that GAAP contains many ambiguities and loopholes, and that non-GAAP metrics can be more current and relevant. Opponents sometimes … Continue reading
Non-GAAP and SOX 302
In a recent post on his blog, The Accounting Onion, Tom Selling added some thoughts to the ongoing debate surrounding non-GAAP disclosures. He proposed some additional requirements that he thinks could help improve non-GAAP reporting. One of the suggestions was that … Continue reading
Trends in Non-GAAP Disclosures
Investors were not overjoyed at the conclusion of the Q3 earnings season, thanks to lukewarm results for many significant companies. According to Bloomberg, earnings for the S&P 500 are expected to fall 0.5% for the year as a whole, and some … Continue reading
REITs: Non-GAAP Measurements Face SEC Scrutiny
An article in today’s New York Times reports on a potentially troubling phenomenon of tech companies increasingly using non-GAAP numbers to promote financial performance. “Tech Companies Fly High on Fantasy Accounting“, quoting analysts and investors, further reports that the cumulative … Continue reading
Genworth Financial: Fewer Adjustments, But Controls Still Ineffective
As we discussed in our previous blog, the remediation of control deficiencies can be a lengthy and costly process. The case of Genworth Financials (NYSE: GNW) is no exception. Its most recent quarterly report, filed on Wednesday, April 29, states that its … Continue reading