OR/02/2026 国际证监会组织关于非公认会计准则财务措施的声明

IOSCO’S STATEMENT ONNON-GAAP FINANCIAL MEASURES June 2016 (Updated March 2026) I. Financial statements prepared in accordance with Generally Accepted Accounting Principles(GAAP) provide investors, analysts, and other users with a defined basis for conducting financialanalysis and comparison among different entities.1IOSCO recognises that in addition to GAAP Non-GAAP financial measures can be useful to issuers and investors because they can provideadditional insight into an issuer’s financial performance, financial condition and/or cash flow. Theuse of non-GAAP financial measures also can provide issuers wit h flexibility in communicatinguseful,entity-specific information.Problems can arise,however,when non-GAAP financial II.IOSCO’s Work on Non-GAAP Financial Measures In 2002, IOSCO issued a release entitled “Cautionary Statement Regarding Non-GAAP ResultsMeasures” to alert issuers, investors and other users of financial information about disclosures ofearnings measurements other than those prescribed by GAAP.2In that release, IOSCO urgedissuers, investors and other users of financial information to use care when presenting and Since 2002, IOSCO has continued to take note of how issuers present non-GAAP financialmeasures. IOSCO has observed that, for example, issuers sometimes present non-GAAP financialmeasures inconsistently over time or explain them inadequately. Also, the lack of standardisedmeanings for non-GAAP financial measures may lead to a lack of comparability across issuers. Asaresult of these considerations,and informed by further analysis and discussions with In2016,the IOSCO Board issued this Statement on Non-GAAP Financial Measures(theStatement) to assist issuers in providing clear and useful disclosure for investors and other usersof non-GAAP financial measures, and to help reduce the risk that such measures are presented In 2026, the IOSCOBoard updated this Statement to address the interaction between non-GAAP financial measures, discussed in this Statement, and similar financial measures, such as III.Purpose This Statement is intended to assist issuers in providing clear and useful disclosure for investorsand other users of non-GAAP financial measures, and to help reduce the risk that such measuresare presented in away that could be misleading. Although this Statement is intended to help IV.Scope This Statement is intended for both an issuer that prepares its financial statements in accordancewith International Financial Reporting Standards (IFRS) and an issuer that prepares financial statements using a financial reporting framework other than IFRS. It applies to any non-GAAPfinancial measure that an issuer discloses outside of the financial statements.3Non-GAAP financialmeasures are commonly presented in press releases, periodic reports including Management’s For the purposes of this Statement, a non-GAAP financial measure is a numerical measure of anissuer’s current, historical or future financial performance, financial position or cash flow that is not a GAAP measure.4For example, a non-GAAP financial measure may exclude amounts that areincluded in, or include amounts that are excluded from, the most directly comparable GAAPmeasure calculated and presented in the issuer’s financial statements. An operating or statistical 3Notwithstanding the fact that some of these non-GAAP financial measures may be required to be disclosed, with to calculate an operating or statistical measure (such as an ‘adjusted earnings’ financial measureused to calculate an ‘adjusted earnings per unit’ measure), then the Statement would apply to that Common terms used to identify non-GAAP financial measures include, among others, ‘underlyingearnings’, ‘normalised profit’, ‘pro forma earnings’, ‘cash earnings’, ‘adjusted earnings’, ‘earningsbefore non-recurring items’,‘free cashflow’ and ‘net debt’.5Different issuers may use the same V.Frame of Reference for Disclosure of Non-GAAP Financial Measures IOSCO believes that sufficient information should accompany non-GAAP financial measures orbe provided by reference to where the information is available. This will help provide investorsand other users with an understanding of the messages that the measures are intended toconvey, such that investors and users are not confused or misled if they rely on them. Based onthe collective experience of its members with issuer reporting of non-GAAP financial measures, Defining the Non-GAAP Financial Measure 1.Define each non-GAAP financial measure presented and provide a clear explanation ofthe basis of calculation.2.Non-GAAP financial measures should be clearly labelled in a way such that they aredistinguished from GAAP measures. Labels should be meaningful and should reflect the Unbiased Purpose 5.Non-GAAP financial measures should not be used to avoid presenting adverse informationto the market. Prominence of Presentation of GAAP measures versus Non-GAAP Financial measures 6.When an issuer presents no