Recently, the SEC’s Investor Advocate released a report regarding the Office’s areas of focus for fiscal year 2017. The report notes that the Office of the Investor Advocate intends to monitor developments related to the SEC’s Disclosure Effectiveness Initiative, as well as scaled disclosure initiatives. The report comments favorably on the SEC’s focus on the overuse of non-GAAP measures and notes that the Office will consider whether rulemaking is needed to provide additional clarification. The report notes that the “trend toward scaling presents a significant risk to investors,” but does not provide an analysis regarding the types of disclosures that would be significant to investors and would be unavailable as a result of any scaled disclosure accommodations. The full report is available here: