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NTU Management Review
Vol. 34 No. 1 Apr. 2024, 173-218
https://doi.org/10.6226/NTUMR.202404_34(1).0005

The Effect of SEC’s Comment Letters on the Comparability of
Non-GAAP Earnings

美國證管會監管信函對於非公認盈餘可比較性的影響

Ting-Wei Yen, Deloitte & Touche
顏廷緯 / 勤業眾信聯合會計師事務所
Sheng-Yi Lo, Department of Finance, National Sun Yat-sen University
羅勝議 / 國立中山大學財務管理學系
Chi-Chun Liu, Department of Accounting, National Taiwan University
劉啟群 / 國立臺灣大學會計學系
Lin-Hui Yu, Department of Accounting, National Taiwan University
尤琳蕙 / 國立臺灣大學會計學系
Received 2019/8, Final revision received 2023/7

Abstract
As non-GAAP earnings are widely used, the SEC and IASB have expressed concerns
about this phenomenon in recent years. They believe that the non-GAAP earnings
may lack of comparability because of the unclear definition of non-GAAP disclosure.
These vagueness can also influence the communication between information users and
companies. Since the SEC uses comment letters to monitor the registrants’ filing reports
and whether these reports are compliant with SEC disclosure requirements, our research
investigates whether those receiving the SEC comment letters would improve their
comparability of non-GAAP earnings. Our empirical results suggest that after the company
received non-GAAP related comment letters, the comparability of its non-GAAP earnings
increases while the analysts’ earnings forecast error and dispersion decrease.
【Keywords】non-GAAP earnings, SEC, comment letters, comparability

摘 要
近幾年來，美國證管會 (SEC) 及國際會計準則委員會 (IASB) 陳述其對於非公認盈餘
(non-GAAP Earnings) 被廣泛使用感到疑慮，認為非公認盈餘相關的揭露規定並不明
確，導致不同公司之間的非公認盈餘資訊不易比較，而這模糊性可能會影響財務報表
的溝通性。監管信函為美國證管會用以核閱公司所上傳相關文件是否能遵循相關資訊
揭露規定，故本研究檢視公司是否會因收到與非公認盈餘相關之監管信函而改善其資
訊的可比較性。實證結果顯示，當公司收到與非公認盈餘相關的監管信函後，非公認
盈餘的可比較性增加，而分析師盈餘預測誤差及盈餘預測之離散程度均降低。
【關鍵字】 非公認盈餘、美國證管會、監管信函、可比較性

領域主編：戚務君教授

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