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Last month, when I covered the SEC proposal on disclosure of pro forma or non-GAAP financial information (see SEC Accounting Report, Dec. 2002, "SEC Proposes Rules for Pro Forma Data"), I noted at the end of the article a new Form 8-K requirement that seemed to be related to the disclosure of non- GAAP financial information. I have decided that the proposal needs clarification and more information. A more detailed description of what the SEC is looking for in its proposed Form 8-K requirement follows.
The SEC has issued a proposal that would require registrants to disclose on Form 8-K in a new Item 1.04, within two business days after issuance, any earnings releases or similar announcements for completed quarterly or annual fiscal periods.
The Commission has proposed a requirement that public companies file a Form 8-K that briefly identifies earnings releases and other announcements containing material nonpublic information regarding the company's financial condition or results of...