{"id":921,"date":"2016-06-14T09:40:29","date_gmt":"2016-06-14T13:40:29","guid":{"rendered":"https:\/\/www2.law.temple.edu\/10q\/?p=921"},"modified":"2016-06-14T09:40:29","modified_gmt":"2016-06-14T13:40:29","slug":"mind-gaap-seeking-transparency-disclosure","status":"publish","type":"post","link":"https:\/\/law.temple.edu\/10q\/mind-gaap-seeking-transparency-disclosure\/","title":{"rendered":"Mind the GAAP: Seeking Transparency Through Disclosure Again"},"content":{"rendered":"

There has been a resurgence of concern about the misuse of financial measures and key performance indicators not based on generally accepted accounting principles (GAAP). Late last year, the Chair of the Securities Exchange Commission (SEC), Mary Jo White, addressed the 2015 National Conference of the American Institute of Certified Public Accountants (AICPA). She noted that non-GAAP financial measures \u201care used extensively\u201d and can become \u201ca source of confusion.\u201d The SEC Chair warned that the \u201carea deserves close attention\u201d and that \u201cstrong enforcement\u201d could commence \u201cto ensure high-quality, reliable financial reporting.\u201d To address this concern, the SEC published<\/a> in May new Compliance and Disclosure Interpretations (C&DIs) on non-GAAP financial measures reported by public companies. These new C&DI\u2019s are likely to have a significant impact on how public companies use non-GAAP reporting measures.<\/p>\n

The changes largely impact earnings releases by setting parameters around ordering topics, using headlines, and the relative prominence and comparability of non-GAAP and key performance indicator (KPI) disclosures to their GAAP counterparts. Non-GAAP financial measures adjust GAAP measures, and include earnings before interest, taxes, depreciation and amortization (or \u201cEBITDA\u201d), adjusted EBITDA, and adjusted earnings per share. KPIs are figures that public companies believe are important to evaluate performance, including same store sales, average revenue per customer, or funds from operations. The new guidance requires SEC registrants that disclose non-GAAP measures\u2014orally, telephonically, via webcast, or through other media\u2014to include disclosure of the most directly comparable GAAP measure and to reconcile the two, giving equal or greater prominence to the GAAP measure. Registrants must also disclose the reason that the non-GAAP measure or KPI provides useful information, including how management uses the measure.<\/p>\n

The CD&Is seek to reinforce the overarching principle of U.S. securities law that public companies may not make misleading disclosures or omissions\u2014that we do not operate in a \u201ccaveat emptor\u201d (buyer beware) system. Because GAAP is a reasonably well-understood set of rules about how to report financial performance, deviations from it must not be used to mislead the market. While management and the audit committee are essential to creating an environment in which these measures may be useful, SEC rules governing financial disclosures by public companies require transparency in financial reporting so that investors and other users of financial information may make reliable decisions. This article presents a historic context for the SEC\u2019s new guidance, discusses certain disclosure trends, and sets forth best practices for the evaluation of non-GAAP financial measures and KPIs reported by public companies.<\/p>\n

Regulatory Context<\/h3>\n

Regulation G and Item 10 of Regulation S-K were adopted in early 2003 (in the wake of the Sarbanes-Oxley Act of 2002), establishing rules for using non-GAAP financial measures in public company SEC filings or press releases. The regulations prohibit registrants from \u201cmak[ing] public a non-GAAP financial measure that . . . contains an untrue statement of a material fact or omits to state a material fact necessary in order to make the presentation of the non-GAAP financial measure . . . not misleading.\u201d SEC Release No. 33\u20138176, 2003 WL 161117. Generally, non-GAAP \u201ccash\u201d measures should be reconciled with GAAP cash flow from operations (from the cash flow statement), and non-GAAP \u201cperformance\u201d measures should be reconciled with GAAP net income or income from continuing operations (from the income statement). Id<\/em>.<\/p>\n

Because GAAP is a reasonably well-understood set of rules about how to report financial performance, deviations from it must not be used to mislead the market.<\/p><\/blockquote>\n

But the regulations led to unintended consequences, according to Mark Kronforst, Chief Accountant at the SEC\u2019s Division of Corporation Finance, who recently told attendees of a Baruch College accounting conference that \u201cnon-GAAP is at the forefront of our minds at CorpFin.\u201d He explained that by 2010, the SEC had \u201crelaxed\u201d its vigilance and issued guidance that restored some previously banned non-GAAP measures. He told the New York audience that in 2016 \u201cthe pendulum has swung [back]\u201d and \u201cwe are going to crack down.\u201d Kronforst also told an advisory group to the Public Company Accounting Oversight Board to expect \u201can uptick\u201d in SEC comment letters addressed to registrants because of concerns that non-GAAP metrics could mislead investors. \u201c[T]he most common comment [letter] that our division will probably issue is about the usefulness of the measurement\u201d because \u201cusefulness disclosures [are] something we are very concerned about,\u201d he said.<\/p>\n

Trends In Non-GAAP Income Presentations<\/h3>\n

A recent report by investment adviser Jack Ciesielski offers a stark example of how non-GAAP measures can be misleading, an outcome that the SEC seeks to prevent. In \u201cWonder Bread: Non-GAAP Earnings Keep Rising in the S&P 500,<\/em>\u201d Ciesielski warns that \u201c[f]irms now eagerly help investors make adjustments, feeding them fluffy \u2018Wonder Bread\u2019 non-GAAP earnings.\u201d The report explains that \u201c[o]ne firm\u2019s \u2018adjusted net income\u2019 might sound like another firm\u2019s \u2018adjusted net income\u2019 — the items included in their non-GAAP recipe might have similar captions — but what goes into those line items could be very different.\u201d Thus, he notes, \u201c[t]he firms make their bread, but you should wonder how.\u201d<\/p>\n

He backs up the warning with evidence that investors and analysts \u201ccan\u2019t always see the ingredients,\u201d even while they tend to readily accommodate differences in the reporting of non-GAAP income. Ciesielski reports that for \u201c380 S&P 500 firms reporting on a non-GAAP net income basis in 2015, all-inclusive GAAP net income fell 10.9% from 2014\u2019s $630.8 billion to $562.3 billion in 2015.\u201d Exposing the ipse dixit<\/em> of non-GAAP measures, it reveals that this \u201cdisturbing tale, . . . [when] told through the lens of non-GAAP income, . . . has a Hollywood happy ending: on a non-GAAP net income basis, earnings for the 380 companies increased 6.6 % to $804.2 billion in 2015<\/em>.\u201d (Emphasis added.) The report identifies $241.9 billion of expenses excluded for non-GAAP purposes as \u201cfueling the gains,\u201d a 96% increase over 2014\u2019s amount.<\/p>\n

Ciesielski also explains that non-GAAP adjustments to earnings have a \u201c\u2018sector signature\u2019 — a different dialect, dependent upon a firm\u2019s sector membership.\u201d For instance, health care companies make more acquisition activity-related adjustments than companies in other sectors; energy companies make more impairment adjustments; and information technology companies make more intangibles amortization expense and equity-based compensation adjustments. Investors and analysts tend to ignore these industry trends when evaluating performance, \u201cignoring expenses that are unflattering to the bottom line,\u201d Ciesielski cautions.<\/p>\n

Ninety percent of S&P 500 companies reported non-GAAP results last year, indicating the magnitude of the matter being reported to investors and analysts. Problems arise where non-GAAP measures have no apparent methodology and appear simply to create the illusion of greater profitability. The Wonder Bread<\/em> study substantiates concerns raised by the SEC and in financial media about the use of non-GAAP measures.<\/p>\n

Best Practices for Reviewing Disclosures<\/h3>\n

Widely accepted principles governing financial reporting harness those responsible for making representations to the yolk of accountability. Those principles, often contained in GAAP, were promulgated by the AICPA and the Financial Accounting Standards Board, adopted by SEC rules and judicial decisions under the securities laws, and govern the dissemination of public company financial information. GAAP provides the clarity that may otherwise be concealed by misuse of non-GAAP financial measures, and protects investors from improper practices that may mislead or confuse.<\/p>\n

PricewaterhouseCoopers (PwC) recently published a guide called \u201cBuilding confidence in non-GAAP measures and other KPIs<\/em>\u201d to show how such disclosures may avoid impropriety. PwC\u2019s guidance provides a roadmap to best practices for investors and others seeking to evaluate and assess non-GAAP financial measures, as follows:<\/p>\n

    \n
  1. Adequate Disclosure Controls \u2013 Investors should be mindful of whether a company\u2019s disclosure controls and procedures over the calculation and presentation of non-GAAP measures are as robust as their financial reporting controls over GAAP financial statements.<\/li>\n<\/ol>\n
      \n
    1. Transparency Through Disclosure \u2013 Investors should look for company disclosures that give equal or greater prominence to the most comparable GAAP measures; title non-GAAP measures in a manner that makes their nature clear; provide transparency to the non-GAAP measures\u2019 usefulness, how they are calculated, and their components; and reconcile non-GAAP components to related GAAP numbers.<\/li>\n<\/ol>\n
        \n
      1. Consistency \u2013 Investors should identify whether a company is disclosing its policies on non-GAAP measures, including how the measures are calculated, recognizing that policies facilitate consistency from period to period and across different investor communications. Non-GAAP measures should be identifiably used consistently, regardless of whether they make the business\u2019s performance look better or worse.<\/li>\n<\/ol>\n
          \n
        1. Comparability \u2013 Investors should consider whether a company discloses differences in related GAAP and non-GAAP measures, and should pay attention to those companies that work with industry groups to develop voluntary, industry-wide metrics to enhance comparability between industry participants.<\/li>\n<\/ol>\n

          Investors and other users of financial information mindful of these signature characteristics will better appreciate non-GAAP financial measures and KPIs in their proper context and mitigate the risk of their misuse.<\/p>\n

          Conclusion<\/h3>\n

          Upholding an SEC enforcement action involving stock options backdating at Brocade Communications Systems in 2007, Judge Charles Breyer of the U.S. District Court for the Northern District of California noted that \u201c[a]nalysts and investors frequently disregard nonrecurring, non-cash expenses when they evaluate a company.\u2026 In turn, many companies \u2026 have accommodated investors’ desire for a clear picture by providing \u2018pro forma\u2019 or \u2018non-GAAP\u2019 earnings statements.\u201d The Court explained that \u201cstreamlined [earnings] statements are a supplement to, and not a substitute for, the financial results presented in accordance with GAAP.\u201d Expenses excluded from non-GAAP income disclosures are no \u201camnesty for companies to deceive shareholders.\u201d Mindful of the disclosure and reconciliation requirements for non-GAAP measures, users of public company financial information may be assured that the information is fairly presented and actually useful. By so doing, investors promote a philosophy of transparency in corporate disclosure and combat the philosophy of \u201cbuyer beware.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

          There has been a resurgence of concern about the misuse of financial measures and key performance indicators not based on generally accepted accounting principles (GAAP). Late last year, the Chair of the Securities Exchange Commission (SEC), Mary Jo White, addressed the 2015 National Conference of the American Institute of Certified Public Accountants (AICPA). She noted<\/p>\n","protected":false},"author":5,"featured_media":561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,52,19],"tags":[196,197,198,115],"coauthors":[112],"class_list":["post-921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alumni-authored","category-compliance","category-finance","tag-earnings-reports","tag-gaap","tag-sec","tag-securities","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"yoast_head":"\nMind the GAAP: Seeking Transparency Through Disclosure Again - The Temple 10-Q<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/law.temple.edu\/10q\/mind-gaap-seeking-transparency-disclosure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mind the GAAP: Seeking Transparency Through Disclosure Again - The Temple 10-Q\" \/>\n<meta property=\"og:description\" content=\"There has been a resurgence of concern about the misuse of financial measures and key performance indicators not based on generally accepted accounting principles (GAAP). 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