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| Tekijä: | Entwistle, G. Feltham, G. Mbagwu, C. |
| Otsikko: | Misleading disclosure of pro forma earnings: an empirical examination |
| Lehti: | Journal of Business Ethics
2006 : DEC III, VOL. 69:4, p. 355-372 |
| Asiasana: | earnings regulations |
| Vapaa asiasana: | press releases |
| Kieli: | eng |
| Tiivistelmä: | Investigating earnings press releases over a 3-year period, this paper discusses the Sarbanes-Oxley Act and the disclosure by firms of "pro forma" earnings. It is shown that in 2001 53 firms - over 10% of all US S&P 500 firms - were disclosing pro forma earnings in a potentially misleading manner. This was done by using traditional GAAP terminology in the press release headline to describe what was later in the press revealed to be a pro forma amount. By 2003 these practices were seen in less than 1% of the earnings press releases of S&P 500 firms. The authors suggest that Securities and Exchange Commission regulation (since 2003) was both necessary and effective. |
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