Monticello consultants recently attended a panel discussion held by the CFA Society New York to address the issue of non-GAAP reporting in the context of COVID-19. Firms and the SEC are thinking carefully about how to reflect the disruptive business impact of the pandemic in quarterly and annual financial reporting and disclosures. While the SEC's published guidance on non-GAAP financial reporting measures can aid financial institutions in their efforts to disclose information that is both useful for company management and at the same time does not mislead their investors, problems still prevail. Quantifying the effects of the pandemic in a compliant manner is proving to be a challenge and the SEC will bring heightened scrutiny.