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We are a local CPA firm providing services to small business and individual clients on the Eastern Shore of Virginia and Maryland.

 

Ginsberg Nottingham Mapp is a CPA firm providing services to small business and individual clients on the Eastern Shore of Virginia and Maryland.

 
 
Reining in “Non-GAAP Financial Measures”

At the recent AICPA-sponsored mega-conference on SEC and PCAOB developments (see KPMG’s summary, here), the SEC staff, and even its chair, devoted a significant amount of bandwidth to non-GAAP measures of financial performance.  Some see this as part of the ongoing damage control efforts necessitated by unintended consequences of rules issued in 2003, which set forth very rigorous (it was thought) conditions for when a non-GAAP measure of performance could be made kosher.  But, issuers have treated the rules more like a safe harbor than a set of constraints.  So long as one conforms to the letter of the Commission’s requirements, the thinking goes, the SEC staff is powerless to object.

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Mona Cossitt