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The objective of pro forma financial information is to show what the significant direct effects on historical financial information might have been had a consummated or proposed transaction or event occurred at an earlier date. This proposed statement provides guidance on the independent accountant's responsibilities when engaged to report on pro forma financial information contained in a filing with the SEC. Article 11 of Regulation S-X sets forth the SEC's requirements regarding pro forma financial information. The proposed Statement describes the conditions under which the accountant may agree to report.
Pro forma statements (Accounting) -- Standards -- United States; Corporations -- Auditing -- Standards -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards : Reporting on pro forma financial information in SEC filings ;Reporting on pro forma financial information in SEC filings" (1984). Statements of Position. 472.