1. Compliance
  2. Guidance library
  3. Financial reporting
  4. Disclosing non-GAAP financial information

Disclosing non-GAAP financial information

 
120901 Disclosing non GAAP financial information guidance note
September 2012

This guidance note was published in September 2012 in relation to issuers and securities governed by the Securities Act 1978 and the Securities Markets Act 1988.

The Financial Markets Conduct Act 2013 is now effective and contains transitional provisions allowing some offers of securities to continue to be made under the Securities Act 1978 Act up to 30 November 2016. This guidance does not currently address the FMC Act requirements, but may still be useful to issuers making offers under the Securities Act 1978 pursuant to the transitional provisions in the FMC Act.

For offers made under the new FMC Act regime the Financial Markets Conduct Regulations 2014 set out specific requirements that apply to issuers presenting non-GAAP financial information in offer documents. These requirements will help to set new standards in relation to clear, concise and effective disclosure of financial information.

We will continue to monitor whether there is a need for separate guidance on disclosure of non-GAAP financial information under the FMC Act and we encourage issuers to engage directly with us if they have any concerns about producing financial information for offers under the new FMC Act.

Update: Financial Markets Conduct Act

3 March 2015

This guidance note Disclosing Non-GAAP financial information was published in September 2012 in relation to issuers and securities governed by the Securities Act 1978 and the Securities Markets Act 1988.

The Financial Markets Conduct Act 2013 (the FMC Act) is now effective and contains transitional provisions allowing some offers of securities to continue to be made under the Securities Act 1978 Act up to 30 November 2016.  This guidance does not currently address the FMC Act requirements, but may still be useful to issuers making offers under the Securities Act 1978 pursuant to the transitional provisions in the FMC Act.

For offers made under the new FMC Act regime the Financial Markets Conduct Regulations 2014 set out specific requirements that apply to issuers presenting non-GAAP financial information in offer documents.  These requirements will help to set new standards in relation to clear, concise and effective disclosure of financial information.

We will continue to monitor whether there is a need for separate guidance on disclosure of non-GAAP financial information under the FMC Act and we encourage issuers to engage directly with us if they have any concerns about producing financial information for offers under the new FMC Act. For further information on how you can engage directly with us see here.