What’s behind companies increasingly reporting results on a non-GAAP (Generally Accepted Accounting Principles) basis? Non-GAAP measures, such as EBITDA, seem to be deeply ingrained within the communication of companies’ performance. These measures are often seen as a way of conveying performance through the ‘eyes of management,’ yet many investors often articulate worries about the purpose and pervasiveness of these measures. This raises the following questions:What are the benefits and concerns that investors face around non-GAAP measures? What kind of adjustments do companies typically make?Do these adjustments really enable companies to better reflect the economics of their business models? Are non-GAAP measures the best predictors of future cash flow?What enforcement and monitoring actions do investors expect from securities regulators?What governance, disclosures do investors expect around non-GAAP measures?These are just some of the thought provoking questions that will be addressed in this complimentary 1-hour webcast hosted by CFA Institute. During the webcast, Jack T. Ciesielski, CFA, a leading financial analyst and accounting expert will share key insights derived from an empirical analysis of the reporting of Standard & Poor’s 500-stock index companies. In addition, Jack will highlight the potential perils of applying non-GAAP measures in predicting future cash flows via an illustrative case study. Mark O’Sullivan, who leads PwC’s UK Corporate Reporting and Governance and oversees PwC’s annual review of the corporate reporting practices in the FTSE 350, will highlight key issues around non-GAAP reporting in the UK. This is an archived recording of a live webinar that took place on Wednesday, 8 June 2016.