Bachelorarbeit, 2017
41 Seiten, Note: 1,0
This paper examines the transparency and consistency of non-GAAP reporting across Europe, focusing on how companies use non-GAAP measures in their financial reporting. The study aims to understand the factors influencing the use of non-GAAP measures and to analyze their impact on the transparency and consistency of financial information provided to investors.
The first chapter introduces the topic of non-GAAP reporting, defining its key features and highlighting its increasing popularity both in the U.S. and Europe. It also presents the structure of the paper, outlining the main chapters and their respective focuses.
Chapter 2 provides a detailed analysis of non-GAAP reporting practices, discussing its characteristics, advantages, and disadvantages. It further explores the ambiguous nature of non-GAAP reporting, examining both its informative and opportunistic aspects.
Chapter 3 focuses on the European regulatory environment for non-GAAP reporting. It describes the national regulatory landscape across different countries, emphasizing the differences in regulations. It then moves on to discuss the supranational regulatory environment, highlighting the role of the European Securities and Markets Authority (ESMA).
Chapter 4 presents empirical evidence on non-GAAP reporting practices across Europe. It analyzes the usage of non-GAAP measures, including their disclosure, adjustments, prominence, and reconciliation to GAAP measures. It also explores the factors influencing non-GAAP reporting, focusing on macroeconomic and company-specific characteristics.
Chapter 5 examines European annual reports with a focus on the transparency and consistency of non-GAAP reporting practices. It compares the findings to previous research and analyzes the cross-country variations in non-GAAP disclosures.
Non-GAAP reporting, transparency, consistency, European financial reporting, regulation, empirical evidence, factors influencing non-GAAP reporting, cross-country comparison.
Non-GAAP measures are financial figures that are not defined by accounting standards (like IFRS) but are used by companies to provide an alternative view of their performance.
They can be informative by providing a clearer picture of core operations, but also opportunistic if used to hide losses or inflate earnings by excluding certain costs.
The European Securities and Markets Authority (ESMA) provides guidelines to ensure that non-GAAP measures are presented transparently, consistently, and with proper reconciliations.
Yes, the study shows that usage and adjustments vary significantly across different European countries, industries, and even over time within the same company.
Individual factors, such as the determination of variable pay for executives, can be a major driver for the usage of specific non-GAAP figures to meet bonus targets.
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