IBA Annual Conference Sydney 2017

8 Oct - 13 Oct 2017

Room C4.6, Convention Centre, Level 4

Session information

Pro forma-adjusted recurring currency-corrected like-for-like EBITDA, or what the regulators giveth, the regulators taketh away

Wednesday 11 October (0930 - 1045)

Room C4.6, Convention Centre, Level 4


Capital Markets Forum (Lead)
Securities Law Committee


No area of capital markets activity has seen more creativity than the efforts of management, financial sponsors and investment bankers to escape the constraints of accounting rules when it comes to presenting company financial performance. Alternative measures of financial performance, in ever-more exotic forms, abound in company reports, initial public offering (IPO) prospectuses and associated marketing materials, often telling quite a different story from International Financial Reporting Standards (IFRS)/generally accepted accounting principles-compliant measures. After several years of following a relatively relaxed approach to such information, regulators in many countries are increasingly clamping down on perceived abuses of alternative performance measures through guidance limiting their use and presentation. This panel will explore the uses, and abuses, of such alternative performance measures from a variety of perspectives – private equity, banking, the buy-side, auditing and legal – and investigate whether such measures actually help attain the objectives for which they are used.

Session / Workshop Chair(s)

Tim Gordon Gilbert + Tobin, Sydney, New South Wales, Australia
David Rockwell Sullivan & Cromwell LLP, London, England; Membership Officer, Capital Markets Forum


Fiona Campbell Ernst & Young, Melbourne, Victoria, Australia
Michael Duignan Securities and Futures Commission, Hong Kong, Hong Kong, Hong Kong SAR
Suzanne Evans Cover-More Group Limited, Sydney, New South Wales, Australia
Professor Dimity Kingsford Smith University of New South Wakes, Sydney, New South Wales, Australia