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Analytical Challenges Associated with Non-GAAP Measures (Zurich)

Event Description

CFA CE Event is hosted by Thomson Reuters

Non-GAAP financial measures (NGFMs) are a core part of how companies communicate their performance and investors assess and value companies. NGFMs are meant to supplement measures required by accounting standards (e.g., US GAAP/IFRS).

Episodes of misleading NGFMs reporting have led to intense scrutiny from different securities regulators (SEC, ESMA and IOSCO)- given their investor protection mandate.

​Via illustrative examples, this session will highlight areas where investors need to cast a critical eye while applying NGFMs and making judgments on earnings quality and cash flow generation abilities of companies

Event Type

Society; Educational

Education Topic

Standards, Ethics, and Regulations

Start Time

07/06/2017 12:15

End Time

07/06/2017 13:45





Event Country


Event Region


Location Info

​Thomson Reuters

Hufgasse 10, Zurich


Vincent Papa CFA, Interim Head of Financial Reporting Policy at CFA Institute, is a spokesperson and author of commentary providing investor perspectives on corporate reporting. Vincent serves on various committees including the European Financial Reporting Advisory Group (EFRAG) user panel; and European Securities Markets Authority (ESMA) Corporate Reporting Standing Committee. He was previously a member of the IFRS advisory council; Financial Stability Board Enhanced Disclosure Task Force and IFRS Capital Markets Advisory Committee. He has authored multiple comment letters and feature articles on the adoption of International Financial Reporting Standards (IFRS), as well as on updates to specific accounting standard topics including revenue recognition, leases, and financial instruments. He has also authored policy research papers on non-GAAP financial measures, bank impairments during the financial crisis, other comprehensive income reporting by banks, and financial instruments risk disclosures.  Prior to joining CFA Institute in 2007, Vincent had 13 years experience including two years experience in fixed income securities analysis at Observatory Capital in London, and 11 years management consultancy and auditing experience in Johannesburg, South Africa and Nairobi, Kenya.  Vincent is a CFA charter-holder and CPA licensed in Washington State. He holds a Ph.D. in Management with a thesis on derivatives accounting from Cranfield School of Management in the UK, Masters in Finance from London Business School, MBA from Witwatersrand University, Johannesburg and Bachelor degree in Electrical Engineering from the University of Nairobi.​​

CE Credits


SER Credit




Member Price


Non-Member Price


Candidate Price



Event Category

CE Event

All Day Event





APM Presentation- Swiss Society-7th June.pdf    
Content Type: MyCFA Calendar
Created at 30/03/2017 09:08 by
Last modified at 07/06/2017 15:25 by