This study examines the impact of Regulation G in 2003 and the issuance of Compliance and Disclosure Interpretations (C …&DIs) in 2010 – on the reporting of non-GAAP earnings. The study finds that (i) both Regulation G and C&DIs are associated with … predictive power for future operating earnings); (ii) Regulation G led to a decrease in the amount of total positive exclusions …