IOSCO Issues Report on Non-GAAP Financial Measures
In the wake of guidance issued by the U.S. Securities and Exchange Commission (“SEC”) in May 2016 on the subject of non-GAAP financial measures, the International Organization of Securities Commissions (“IOSCO”) issued a report (the “Report”) in June 2016 on the subject of financial measures not calculated in accordance with International Financial Reporting Standards (“IFRS”) or another applicable set of generally accepted accounting principles (“GAAP”). Like the SEC guidance, the Report was the culmination of a long review process involving the re-examination of the scope and manner of disclosure of non-GAAP financial measures.