The impact of the FMA guidelines of non-GAAP earnings disclosures
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Authors
Rainsbury, Liz
Hart, Carol
Hart, Carol
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Date
2014-12-04
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Conference Contribution - Oral Presentation
Ngā Upoko Tukutuku (Māori subject headings)
Keyword
non-GAAP earnings
informativeness of earnings
strategic earning benchmarks
signalling and manipulation hypothesis
FMA 2012
Financial Markets Authority (FMA) of New Zealand
informativeness of earnings
strategic earning benchmarks
signalling and manipulation hypothesis
FMA 2012
Financial Markets Authority (FMA) of New Zealand
ANZSRC Field of Research Code (2020)
Citation
Rainsbury, E., and Hart, C. (2014, December). The impact of the FMA guidelines of non-GAAP earnings disclosures. Paper presented at Auckland Region Accounting (ARA) Conference, Auckland, New Zealand.
Abstract
This paper investigates whether disclosure guidelines issued by the New Zealand Financial Markets Authority changed the non-GAAP reporting policies of New Zealand companies. Financial markets authorities were concerned that company managers might use non-GAAP financial measures to mislead users. The New Zealand Financial Markets Authority responded in 2012 introducing guidelines that were to be applied from 2013. The guidelines (FMA 2012) were intended to reduce the potential non-GAAP information to be misleading by ensuring that they: (1) are not given undue prominence in investor communications, (2) are reconciled to the audited financial
information, (3) are calculated consistently from period to period and is unbiased (FMA, 2012).
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