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SEC hones in on non-GAAP in 2016 comment letters

Tammy Whitehouse | November 28, 2017

The Securities and Exchange Commission focused its comment letters in the most recent year on non-GAAP financial measures more than any other topic, surpassing even management discussion and analysis, the perennial favorite area of focus.

A detailed analysis by Deloitte of SEC comment letters on 2016 financial statement filings shows 43 percent of all SEC comment letters to public companies included remarks on the company’s use of financial measures that do not comply with Generally Accepted Accounting Principles. It was the most common concern raised in SEC comment letters for the year, with MD&A concerns addressed in 27 percent of remarks.

The SEC began in late 2015 calling out...

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