1.4 Pro Forma Financial Information (Article 11 of Regulation S-X)
This Roadmap does not reflect updates to the
FRM made after May 2025. See Preface for details.
Besides filing the separate financial statements of an acquiree or
the abbreviated income statements of a real estate acquiree,
registrants need to consider whether they must provide pro forma
financial information in accordance with Article 11. Pro forma
financial information helps investors evaluate the impact of a
significant business acquisition by showing how that acquisition (or
acquisitions) might have affected the registrant’s historical
financial position and results of operations if the transaction had
occurred on an earlier date.
Considerations include the following:
- When pro forma financial information is required (see Section 4.1).
- The form and content of the pro forma financial information (see Section 4.2).
- Periods to be presented, including updating requirements (see Section 4.3).
- The determination of pro forma adjustments (see Section 4.4).
In addition, Section 4.5 addresses
certain special circumstances in which pro forma financial
information may be provided when separate preacquisition financial
statements are not required, or vice versa.