Do large Australian companies emphasise non-GAAP financial measures over statuatory net profit (GAAP) in annual reports?

Large companies' frequent focus on non-GaaP financial measures (`pro forma' earnings), rather than statutory net profit or GaaP measures, raises concerns about the potential for misinformed financial decision-making. Despite recommendations by asIC and Finsia, in australia there is no consistency in the calculation of non-GaaP financial measures or in their reconciliation to statutory net profit. Our study of the disclosures and the reconciliation to GaaP earnings by the largest 50 australian listed non-mining companies finds considerable variations in reporting practices from highly transparent reconciliations to what appears to be considerable secrecy.