SEC Will No Longer Accept Stained Cocktail Napkins Covered In Scrawled Happy Faces And Exclamation Points As Profit Metric

Mary Jo is done f@cking around.

Mean old Mary Jo White is really gonna have to insist that you don’t adjust your profit measurements quite so far from reality.

Regulators plan to push back on companies that accelerate the recognition of revenue that is supposed to be deferred into the future, said Mark Kronforst, chief accountant of the SEC’s corporation finance division….

“The point is, now the company has created a measure that no longer reflects its business model,” he said. “We’re going to take exception to that practice.”

SEC Cracks Down on Novel Earnings Measures That Boost Profits [WSJ]