Section 401(b) of the Sarbanes-Oxley Act of 2002 directs the Commission to issue final rules by Jan. 26, 2003, requiring that any public disclosure or release of “pro forma financial information” by a public company be presented in a manner that (1) does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the “pro forma financial information,” in light of the circumstances under which it is presented, not misleading; and (2) reconciles the “pro forma financial information” presented with the financial condition and results of operations of the company under Generally Accepted Accounting Principles (GAAP).
