Non-GAAP financial measure reporting in companies

Obtain the annual report of a company that reports non-GAAP financial measures. On the basis of the report:

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Find the reported non-GAAP financial measure and explain how it is calculated.

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Which one is more useful to the users of your selected company: profit (loss) or the alternative non-GAAP measure? Is the reported non-GAAP financial measure used by your selected company to inform the users or to mislead them? Explain your answer. 

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Does the company comply with the recommendations in IOSCO report regarding reporting non-GAAP financial measures? Explain your answer. (The IOSCO report is available at https://www.iosco.org/library/pubdocs/pdf/IOSCOPD532.pdf )

 

 

Hint: Non-GAAP measures are called differently (e.g. pro forma earnings, underlying profit, adjusted profit, street earnings, normalised profit, core earnings, non-GAAP earnings) and searching “non-GAAP” in the reports is helpful. The following firms report non-GAAP financial measures. You can use them or pick any other firm. 

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