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1. What is pro forma reporting according to regulation SX of the SEC? How has pro forma reporting been used by corporations over the years? Summarize the arguments for and against this type of reporting.
2. Exhibits 1 and 2 provide sample earnings announcements and pro forma information released by Proxim and Cisco Systems, respectively. Do you believe these disclosures are consistent with the spirit of the SEC regulation or are they corporate abused of financial disclosure?
3. Do you believe the SEC should permit the type of disclosure shown in exhibits 1 and 2? Specifically address the requirement of regulations G (issued in 2003) and the impact of thei regulation on the use of prof forma disclosure
4. What is the usefulness of the pro forma versus GAAP earnings disclosures found in Exhibits 1 and 2 with regardsf to evaluating:
a. Recent financial performance;
b. Expectations of future earnings;
c. Credibility of management;
d. Quality of earnings; and
e. Equity valuation
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Term Structure of Interest Rates
bull what do you think is the major purpose of financial statements? why? explain what type of information can
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