How to Hold Corporate Accounting Accountable
Tighter regulation needed to curb questionable practices.
The ongoing Securities and Exchange Commission (SEC) investigation of possible deceptive use of pro forma financial results by several companies should inspire little more than a sigh. Frankly, companies should be honest enough with themselves and their shareholders so the SEC isn’t forced to do all this baby-sitting. Fat chance.
Pro forma started as a method that companies used in addition to Generally Accepted Accounting Principals (GAAP) to report