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1 The American Institute of Certified Public Accountants‟ Special Committee on Financial Reporting,
Improving Business Reporting—A Customer Focus (New York: AICPA, November 1993), 4.
2 Financial Accounting Standards Board, Discussion Paper: Preliminary Views on Financial
Statement Presentation (Stamford, CT: FASB, October 2008).
3 U.S. Securities and Exchange Commission (SEC), Final Rule: Conditions for Use of Non-GAAP
Financial Measures, Release No. 33-8176; 34-47226; FR-65; File No. S7-43-02, January 2003.
4 F. Heflin and C. Hsu, “The Impact of the SEC‟s Regulation of Non-GAAP Disclosures,” Journal of
Accounting and Economics 46 (2008), 349-365; A. Marques, “SEC Interventions and the Frequency
and Usefulness of Non-GAAP Financial Measures,” Review of Accounting Studies 11 (2006), 549-
574.
5 D. Kieso, J. Weygandt, and T. Warfield, Intermediate Accounting, 11th ed. (Hoboken, NJ: John
Wiley & Sons, 2004), 127.
6 Archer Daniels Midland, annual reports, June 2008 and June 2006.
7 Northwest Airlines Corporation, annual reports, December 2006 and December 2004.
8 Bristol-Myers Squibb Company, annual report, December 2007, Note 9.
9 Whole Foods Market, Inc., annual report, September 2007.
10 H. Choi, Analysis and Valuation Implications of Persistence and Cash-Content Dimensions of
Earnings Components Based on Extent of Analyst Following, unpublished PhD thesis, Georgia
Institute of Technology, October 1994, 80.
11 American Institute of Certified Public Accountants, Accounting Trends and Techniques (New
York: AICPA, 2007), Table 3-2.
12 AICPA‟s Special Committee on Financial Reporting, Improving Business Reporting—A Customer
Focus (New York: AICPA, November 1993), 4.
13 SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets (Stamford, CT:
FASB, 2001).