Alternativní měřítka výkonnosti a jejich přidaná hodnota pro externí uživatele účetní závěrky

This thesis examines the usefulness of alternative performance measures (APMs) for external users of financial statements (mainly investors) to estimate the value of an enterprise. It considers whether the current financial reporting standards sufficiently reflect the economic nature of businesses and asks the question of what more detailed information would be welcomed by the users. APMs have the potential to provide investors with information that cannot be obtained from traditional financial statements. However, the current regulation is not yet able to guarantee that the information provided by the company's management is reliable. The empirical part of the thesis examines the discipline of companies in disclosing information about APMs presented in annual reports and the risk of possible deception of unsophisticated investors. In a sample of 40 companies from the Health Care sector of the MSCI EAFE ETF index, APMs were found in 90% of the companies. Only 15% of businesses differentiated APMs from other performance measures at the beginning of the annual report and 38% provided signposting to reconciliation of disclosed APMs to the most comparable accounting measures. 75% of entities published a measure of adjusted earnings, with 30% making significant adjustments.