Updates to SEC Non-GAAP C&DIs

The SEC staff has updated its Compliance & Disclosure Interpretations (C&DIs) relating to non-GAAP financial measures. The staff noted that the updates are intended to memorialize existing staff views provided through public statements or comment letters. A key focus of the updates is to provide further guidance on non-GAAP measures that are considered misleading, including guidance on operating expenses that are “normal and recurring,” labeling of non-GAAP measures and adjustments, and measures that represent a tailored accounting principle. Refer to our In brief on the AICPA & CIMA Conference on Current SEC and PCAOB Developments for further details.
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