SEC financial reporting requirements

Pennsylvania CPA Journal, July, 2003 by Richter, Robert F

Amended Item 10 of Regulations S-K and S-B requires filings that disclose a non-GAAP financial measure to state why management believes the non-GAAP financial measure provides useful information.

In January, the Securities and Exchange Commission adopted several new requirements relating to public company financial information, actions that were mandated by the Sarbanes-Oxley Act. Below is a brief summary of the requirements and compliance dates.

Disclosure of Non-GAAP Financial Information

On Jan. 22, the SEC issued Release 33-8176 to establish rules for the disclosure of non-GAAP financial measures. New Regulation G requires companies that publicly disclose a non-GAAP financial measure, whether in an SEC filing or not, to include the most directly comparable GAAP...

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