CFRA, in partnership with CFA Society Philadelphia, is pleased to offer this webinar to educate participants on the various levers that management teams employ to hide financial and operational risks and learn more about CFRA's research methodologies regarding non-GAAP metrics.
Over the last decade, the number of GAAP adjustments has proliferated. During this seminar, we explore the pros and cons of the most frequent adjustments, additional improvements that can be made, and which adjustments CFRA believes are most useful to investors. Attendees will also see ways in which companies can abuse non-GAAP adjustments.
CFRA's view of common non-GAAP adjustments:
- Restructuring charges
- Stock-based compensation expense
- Pension adjustments
- Purchase accounting
- Adjustments to EBITDA
This session provides a robust introduction for those with either a beginner and intermediate level of knowledge of forensic accounting and serves as a great refresher for those with more advanced knowledge.
Dan Mahoney, Head of Industrials Research, CFRA
Dan Mahoney joined CFRA in 2003 as an analyst covering industrial companies. Prior to joining the company, Dan spent four years with Deloitte & Touche's audit and forensic accounting groups. Dan holds an MBA from the University of Michigan and a BA in Economics and Accounting from the College of the Holy Cross. He previously served as a representative of the investor community on the Financial Accounting Standards Board's Financial Accounting Standards Advisory Council as well as on the International Accounting Standards Board's Capital Markets Advisory Committee.
Founded over 20 years ago, CFRA has developed and refined a time-tested process that consistently identifies situations where reported financial results do not provide the true picture of a company's health. CFRA covers an extensive universe of global companies and industries believed to have significantly poor quality of reported financial results, operational metrics, and corporate governance problems.