search query: @journal_id 50 / total: 1038
reference: 45 / 1038
Author: | Phillips, T. J. Jr Luehlfing, M. S. Vallario, C. W. |
Title: | Hazy Reporting |
Journal: | Journal of Accountancy
2002 : AUG, VOL. 194:2, p. 47-53 |
Index terms: | ACCOUNTING ANALYTICAL REVIEW FINANCE COMPANIES |
Language: | eng |
Abstract: | Contrary to what is required in audited financial statements, the only SEC regulation governing what companies put in their earnings releases is that the information should not be misleading. There are currently no substantive authoritative guidelines that determine when pro forma information is deceptive. Both corporate CPAs and external auditors should ask questions if they think a company is selectively editing its earnings reports, understand the problems with inappropriate pro forma reporting and ensure that financial managers release pro forma information in a balanced way, closer to GAAP- based financials. At the SEC's recommendation, Financial Executives International and the National Investor Relations Institute developed guidelines for earnings press releases. |
SCIMA