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If you can agree upon the current value, then your Pro Forma projections carry much more weight.
To address the concern that managers may be using pro forma earnings to manage expectations or to mislead investors, the leading securities commissions in Canada and the U.S.
Financial Executives International (FEI) and the National Investor Relations Institute (NIRI), both important players in the financial markets, have recently issued guidance to help ensure the appropriate reporting of pro forma earnings.
The following best practices for reporting pro forma earnings come from an analysis of these three sources.
The overriding objective for reporting pro forma earnings should be to provide value-relevant information.