SEC Continues to Focus on Non‑GAAP Measures
April 17, 2023
On April 12, 2023, Cravath prepared a memo for its clients entitled “SEC Continues To Focus on Non‑GAAP Measures: Updated SEC Staff Guidance and Recent Enforcement Action.” The memo examines the U.S. Securities and Exchange Commission’s continued focus on disclosure controls and procedures related to non‑GAAP financial measures. The memo outlines new and revised Compliance and Disclosure Interpretations and a recent enforcement action taken against an issuer for making misleading disclosures of non‑GAAP measures over several reporting periods. The memo concludes that the recent trends indicate that the SEC and its staff expect heightened rigor and compliance with the rules around non‑GAAP measures, and provides recommendations for companies with respect to their presentation of and controls around non‑GAAP measures.
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Authors
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J.D., 1973, New York University School of LawOrder of the Coif, magna cum laude
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B.S., 1970, University of Virginiawith Honors
- New York
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J.D., 1993, The University of Maryland School of Law
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B.A., 1990, The College of William & Mary
- District of Columbia
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J.D., 2006, Boston University School of Law
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B.A., 2003, Cornell Universitycum laude
- New York
- District of Columbia
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J.D., 2013, Columbia Law SchoolHarlan Fiske Stone Scholar
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B.A., 2010, University of ChicagoGeneral Honors
- New York
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J.D., 1997, Yale Law SchoolCoker Fellow
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B.A., 1993, University of VirginiaHighest Distinction, Echols Scholar, Phi Beta Kappa
- New York
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J.D., 2010, American University Washington College of LawDodd Toth Scholarship Recipient; Robert Woldow Memorial Scholarship Recipient, cum laude
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B.A., 2006, University of Michigan
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Virginia, Practicing under the supervision of D.C. Bar members
