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:

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

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. 

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 )



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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