Disclosure Requirements of Non-GAAP Error Corrections?

In a series of posts, we have discussed mounting evidence that, with 90% of U.S. public companies using custom metrics, non-GAAP presentations are becoming a de-facto alternative accounting system. In a May speech, Mark Kronforst, chief accountant of the SEC’s Division of Corporation Finance, stated that SEC requirements to avoid giving undue prominence to non-GAAP results were “not working”.

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