This course provides an overview of two of the most popular SEC topics which result in comment letters from the SEC. This includes a discussion of management’s discussion and analysis (MD&A) as well as Non-GAAP Financial Measures. These two areas consistently rank in the Top 10 for the most frequent comment letters issued to public companies by the SEC.

Learning Objectives
  • Identify the SEC Regulation applicable to MD&A.
  • Recognize the primary objective and focus areas related to MD&A.
  • Identify key information that should be included within a company’s MD&A.
  • Recognize the types of transactions that should be discussed in MD&A.
  • Identify methods to enhance the presentation of MD&A.
  • Discover and differentiate between a GAAP financial measure and a non-GAAP financial measure.
  • Recognize examples of different types of non-GAAP financial measures.
  • Identify which SEC guidance is applicable to different types of non-GAAP financial measures.
  • Recognize disclosures within the scope of Regulation G.
  • Identify key requirements included within both Regulation G and Regulation S-K related to these measures.
Last updated/reviewed: December 31, 2023
29 Reviews (146 ratings)

Reviews

5
Anonymous Author
SEC Hot Topics - MD&A and Non-GAAP Financial Measures (Text Based Course) thanks for the course SEC Hot Topics - MD&A and Non-GAAP Financial Measures (Text Based Course)SEC Hot Topics - MD&A and Non-GAAP Financial Measures (Text Based Course)
5
Anonymous Author
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5
Anonymous Author
The source material was well formatted and laid out. Very easy to follow and understand. Great background on the history of these topics and how the SEC is looking at them.
5
Anonymous Author
Course provided relevant information that will be useful to those involved in the process of preparing MD&A or disclosures with non-GAAP performance measures.
5
Member's Profile
Interesting material. The test was a bit challenging with some specific data-driven questions (i.e. Big 4 ranking of comment letter topics).
5
Anonymous Author
Relevant and timely information in the course. Well written materials allow for the easy reading and understanding of these concepts.
4
Member's Profile
Relevant and timely information in the course. Well written materials allow for the easy reading and understanding of these concepts.
5
Member's Profile
Excellent discussion and explanations and examples of key issues important to helping stay in compliance with the SEC
5
Anonymous Author
The pdf was easy to review and organized well. The topics are a good overview of the regulations. Relevant examples.
5
Anonymous Author
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4
Anonymous Author
Surprised to see non-GAAP disclosure is allowed in the MD&A as GAAP-only statements may not tell the whole story
5
Anonymous Author
Good overview of two massive issues in the profession right now as it relates to filings. Helpful content.
5
Member's Profile
A good in depth look at SEC reporting and how MD&A is structured to give the readers the best information.
5
Anonymous Author
The information included in the handout is clear and easy to understand the objective of the course
5
Anonymous Author
Useful summary of the various issues that can arise with MD&A and Non-GAAP Financial Measures.
5
Anonymous Author
Good description for consideration in reading and writing public financial statements.
5
Member's Profile
Definitely informative and an interesting read for financial reporting knowledge.
4
Anonymous Author
Similar to another MD&A course. Would like more discussion on Non-GAAP measure.
5
Anonymous Author
Now I know why MD&A and Non-GAAP Fiancial measures are hot topics for the SEC.
5
Anonymous Author
Informational course that was well organized and met learning objectives.
4
Anonymous Author
This course provided a decent overview of MD&A including non-GAAP items,
4
Anonymous Author
Great course: MD&A and Non-GAAP Financial Measures (Text Based Course)
5
Member's Profile
A helpful refresher of some critical reporting sections. Thank you!
4
Member's Profile
Always good to review your rules before starting to write MD&A.
5
Member's Profile
Material was easy to follow and allowed for a quick test taking
5
Anonymous Author
I loved reading about the views of the SEC and big four firms.
5
Member's Profile
This course on MD&A was informative without being boring.
5
Anonymous Author
I enjoyed this course, and I found it very informative.
5
Anonymous Author
Provided a good overview of MD&A and the SEC's views.
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Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
COURSE MATERIAL
  SEC Hot Topics - MD&A and Non-GAAP Financial Measures (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONquiz
 FINAL EXAMexam