FINANCIAL STATEMENT PRESENTATION ORDER IN E&P FIRMS

摘要

Financial reporting regulators and researchers have long been concerned about how disclosure formatting and information sequencing can alter investors' perceptions of otherwise similar content. The SEC's continued focus on the relative prominence of non-GAAP earnings versus GAAP earnings in earnings announcements is one example where the presentation of information is as important as the information content itself, but public firms face a myriad of other large and small presentation choices in every public disclosure. In this study we examine firm choices around the sequencing of financial statements within the 10-K.