The pro forma financial information, under certain circumstances, can mislead investors and users of financial statements if it obscures GAAP results. Therefore, the US Securities and Exchange Commission (SEC) issued the Release No. 33-8039 Cautionary Advice Regarding the Use of Pro Forma Financial Information in Earnings Releases. Visit the SEC website (www.sec.gov/rules), read the Release No. 33-8039, and answer the following:

1. Discuss the key elements of the SEC Release No, 33-8039.

2. Discuss how the Pro Forma Financial Statements could mislead investors.

3. Explain how the Pro Forma Financial Statement could obscure GAAP results.

4. Do you think the Pro Forma Financial Information should not be published, and why?