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COVID-19, Video

Profession in Focus: Non-GAAP and COVID-19

Wednesday, July 22, 2020

On this edition of Profession in Focus, the CAQ’s Dennis McGowan, Senior Director, Professional Practice, sits down with Todd Castagno, Executive Director, Research, Morgan Stanley and Steven Jacobs, Partner, Americas Director, SEC Regulatory Matters and Capital Markets, EY to discuss non-GAAP considerations in the COVID-19 environment and share related insights as companies and investors prepare for the Q2 2020 reporting cycle.

Other Resources:

EY Technical Line – How to appropriately use non-GAAP measures to discuss the effects of COVID-19

COVID-19 Considerations for Non-GAAP Financial Measures and Performance Metrics

Jump to a topic:

[01:33] An overview of on the guidance and interpretative rules that address the presentation and use of Non-GAAP financial measures.

[03:51] Differences between today vs. when the compliance and disclosure interpretations were first posted by the SEC in 2016.

[06:45] SEC guidance as it relates to Non-GAAP and COVID-19.

[12:08] Defining the importance of GAAP.

[13:39] Observations on how companies considered Non-GAAP during the pandemic.

[17:33] Investor point-of-view on the usefulness of the Non-GAAP measures that were reported by companies during Q1.

[19:22] Considerations for Q2 reporting and beyond.