Mind the Gap in GAAP
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When: Tuesday, March 5, 2019
4:00 PM - 6:30 PM
Where: The Commonwealth Club
110 The Embarcadero
San Francisco, California  94105
United States

Online registration is closed.
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Mind the Gap in GAAP 

Come hear from an industry luminary calling attention to the disturbing trends in accounting practices of listed companies and the link between corporate governance and accounting practices.

Charles Dreifus will discuss the increasing number of companies reporting non-GAAP earnings and hazards of this problem including:

  • decreased transparency for investors
  • potentially gaming GAAP to goose the stock price, effect executive incentive compensation, or a combination of the two

He will make recommendations on what can be done at the regulatory level to work towards cessation of this practice as well as what individual analysts and investment industry professionals should be doing to dig deep and ask the right probative questions of companies


Charles R. Dreifus, CFAPortfolio Manager & Managing Director, Royce & Associates, LP 


Mr. Charles R. Dreifus, CFA manages the firm’s Special Equity products, including Royce Special Equity Fund and Royce Special Equity Multi-Cap Fund, two open-end mutual funds that attempt to combine classic value analysis, the identification of good businesses, and accounting cynicism. Mr. Dreifus has 50 years of investment industry experience, with more than 30 years as a small- and micro-cap value portfolio manager. In 2008, Mr. Dreifus was named Morningstar’s Domestic-Stock Fund Manager of the Year.

Prior to joining Royce & Associates in 1998, he was a General Partner and Managing Director and a Limited Managing Director of Lazard Freres & Co., LLC. Mr. Dreifus was also the Portfolio Manager of Lazard Special Equity Portfolio, formerly Lazard Special Equity Fund and Special Equity separate accounts. Prior to that, Mr. Dreifus was employed by Oppenheimer & Co. as a Limited Partner and as the manager of Quest For Value Fund (from May 1980 to November 1982) and by Oppenheimer Capital as an Executive Vice President.


Mr. Dreifus holds a BA from the City College of New York/Baruch School and an MBA from Baruch College. He is a CFA charterholder.



4:00 pm -  Registration
4:30 pm -  Presentation 
5:15 pm -  Q&A
5:30 pm -  Networking



FREE / Member

$15 / Non-Member


Sponsored By

This event qualifies for 1 hour of continuing education credit for CFA charterholders.

Cancellation Policy: Please contact events@cfa-sf.org at least 24 hours prior to the event to receive a full refund.


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