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Pro forma

Pro forma, a Latin phrase meaning "for the sake of form" or "as a matter of form," denotes documents, actions, or statements executed primarily to fulfill formal requirements or to illustrate hypothetical scenarios, often lacking full substantive depth or binding effect. The term originates from the ablative case of forma combined with the preposition pro, emphasizing procedural compliance over intrinsic content. In financial accounting, pro forma statements project future performance by adjusting historical data for anticipated events, such as mergers or policy changes, enabling stakeholders to assess potential outcomes under specific assumptions.^[1]^[2] These statements, governed by U.S. Securities and Exchange Commission (SEC) rules under Regulation S-X Article 11, must accompany significant business combinations or dispositions to provide condensed balance sheets, income statements, and cash flow projections reflecting "as if" scenarios.^[3]^[4] While useful for strategic planning and investor transparency, pro forma reporting has drawn scrutiny for potential selectivity in exclusions, prompting regulatory emphasis on reconciliation to generally accepted accounting principles (GAAP) to mitigate misleading presentations.^[5] Beyond finance, pro forma applies in legal and procedural contexts, such as pro forma invoices in international trade—which outline preliminary terms without legal enforceability—or pro forma sessions in legislatures, convened minimally to prevent recesses or meet quorum formalities without substantive deliberation.^[6]^[7] In securities law, it similarly describes anticipatory financial disclosures for transactions not yet consummated, underscoring the term's role in bridging formality and foresight across domains.^[6]

Definition and Etymology

Linguistic Origins

"Pro forma" derives from Latin, literally meaning "for form's sake" or "by way of formality," composed of the preposition pro ("for," "on behalf of") and formā, the ablative singular of forma ("form," "shape," or "model"). This construction, rooted in classical Latin grammar, uses the ablative case to indicate purpose or manner, emphasizing procedural adherence over substantive content.^[8] The phrase appears in New Latin contexts as prō fōrmā, where prō explicitly conveys "for the sake of," reinforcing its connotation of nominal or ceremonial execution.^[8] In English adoption, it retained this idiomatic sense, distinguishing formalities from genuine obligations, as evidenced in early modern legal and administrative texts. English usage of "pro forma" as an adverb dates to 1572, describing actions done "according to form" without deeper implication, while adjectival forms emerged by 1823 and nominal by the mid-19th century, aligning with its integration into bureaucratic and commercial lexicon.^[9] This evolution reflects the term's migration from Latin liturgical or scholarly traditions into vernacular applications, where it denotes provisional or illustrative documents and procedures.

Core Meaning and Usage

"Pro forma" denotes an action, document, or statement executed primarily for formal compliance or procedural purposes, often lacking substantive depth or reflecting hypothetical rather than actual conditions. The phrase originates from Latin, literally meaning "for the sake of form," where it implies a perfunctory or preliminary approach to fulfilling appearances or requirements. In general English usage, "pro forma" functions as an adjective or adverb to describe routine or obligatory acts performed without genuine engagement or alteration of underlying realities. For example, a pro forma meeting may occur to satisfy protocol after a decision is already finalized, or a pro forma acknowledgment might respond to correspondence in a standardized manner devoid of substantive reply.^[10] Such applications highlight its connotation of superficiality, where the form precedes or substitutes for material content. The term's versatility extends across domains, signaling provisional estimates or courtesy gestures that anticipate but do not guarantee outcomes. In correspondence or diplomacy, it might preface conditional offers; in organizational settings, it qualifies reports adjusted for assumed scenarios rather than verified data. This usage underscores a distinction between ritualistic observance and authentic implementation, with historical attestation in English texts from the 16th century onward for formalistic practices.^[6]

Financial and Accounting Applications

Pro Forma Financial Statements

Pro forma financial statements, as required under U.S. Securities and Exchange Commission (SEC) Regulation S-X Article 11, consist of condensed balance sheets, income statements, and statements of cash flows that depict the effects of significant transactions—such as business combinations, acquisitions, or dispositions—on a registrant's historical financial position and operating results.^[11] These statements are prepared to illustrate the pro forma impact as if the transaction had occurred at an earlier date, typically using columnar formats that include historical amounts, pro forma adjustments, and resulting pro forma totals.^[12] Unlike historical financial statements governed strictly by Generally Accepted Accounting Principles (GAAP), pro forma statements incorporate hypothetical adjustments based on transaction terms and reasonable assumptions, but must comply with specific SEC presentation rules to enhance comparability and transparency for investors.^[13] The primary purpose of these statements is to provide investors with insight into the potential financial outcomes of material events, particularly in mergers and acquisitions (M&A), where they demonstrate the combined entity's performance as though the deal closed at the beginning of the period (for income statements) or end (for balance sheets).^[14] For instance, in SEC filings for consummated or probable significant acquisitions, pro forma income statements adjust for synergies, financing costs, and purchase price allocations under GAAP, such as amortizing acquired intangibles or revaluing assets.^[15] They are mandatory when a registrant has completed or anticipates a transaction meeting significance tests—typically 20% or more based on investment, asset, or income thresholds relative to the registrant's size—during the most recent fiscal year or interim period.^[3] This requirement applies to registration statements, proxy statements, and periodic reports like Form 8-K, ensuring disclosure of how events like divestitures or real estate operations could alter financial metrics.^[16] Preparation begins with the registrant's (or combined entities') historical GAAP financials as the base, to which two categories of adjustments are applied: (1) transaction accounting adjustments reflecting the GAAP effects of the event, such as debt issuance or fair value step-ups in acquired assets; and (2) other adjustments for reasonably determinable impacts, like elimination of intercompany transactions post-merger.^[17] Pro forma balance sheets are presented as of the most recent period, while income statements cover the latest fiscal year, interim period, and the prior year's corresponding interim if applicable; cash flow statements follow similar rules.^[18] Notes must explain adjustments, sources of historical data, and any material unrecorded GAAP effects, with foreign private issuers permitted to use IFRS or home-country GAAP under reconciliation.^[13] Empirical evidence from regulatory filings shows these statements often reveal post-transaction leverage increases or earnings dilution, aiding valuation but reliant on management's assumptions, which SEC reviews for substantiation.^[19] While regulated pro forma statements differ from unregulated "pro forma earnings" releases—which have faced scrutiny for excluding recurring costs to inflate metrics like EBITDA—their hypothetical nature introduces risks of over-optimism if synergies are unrealized, as seen in cases where actual M&A integration costs exceeded projections.^[5] SEC oversight mandates clear labeling as "unaudited" and prohibits misleading presentations, yet studies indicate persistent positive bias in adjustments, with pro forma earnings often exceeding GAAP by material amounts due to selective inclusions.^[20] Investors must thus cross-verify against historical trends and audit historical components, as pro forma reliability hinges on the verifiability of inputs rather than guarantees of future performance.^[1]

Preparation Methods and Scenarios

Pro forma financial statements are prepared by starting with a company's historical financial statements as a baseline, then applying adjustments for anticipated events, hypothetical assumptions, or projected changes to reflect future performance under specific conditions.^[21] This process typically involves compiling an income statement, balance sheet, and statement of cash flows in a columnar format, with separate columns for the historical data, pro forma adjustments, and the resulting pro forma figures.^[12] Accompanying notes and explanatory paragraphs must detail the assumptions and methodologies used, ensuring transparency in how adjustments—such as revenue growth rates, cost reductions, or financing impacts—are calculated.^[11] Common preparation methods include the percentage-of-sales approach, where line items like expenses are projected as fixed percentages of forecasted sales based on historical trends, suitable for stable operations with predictable scaling.^[21] Alternatively, the build-up method constructs statements from the ground up using detailed assumptions about individual drivers, such as unit sales volumes, pricing changes, or capital expenditures, which allows for more granular scenario analysis but requires robust data inputs.^[22] For acquisitions, SEC rules under Regulation S-X Article 11 mandate transaction accounting adjustments to show the effects of the deal as if it occurred at the beginning of the period, plus any pro forma adjustments for synergies or restructuring not reflected in purchase accounting.^[3] These methods prioritize consistency with generally accepted accounting principles (GAAP), though non-GAAP elements may be included if clearly reconciled and not misleading.^[13] Scenarios for preparing pro forma statements often arise in mergers and acquisitions, where they are required in SEC filings like Form S-4 or 8-K for significant transactions exceeding 20% significance tests, to illustrate combined entity results and aid investor evaluation. They are also used internally for strategic planning, such as forecasting outcomes from debt financing—e.g., a $50,000 loan's impact on cash flows—or operational expansions like new product launches.^[23] In divestiture contexts, pro formas model post-sale financials by removing divested assets' contributions and adjusting for related costs, helping assess standalone viability.^[21] For initial public offerings or capital raises, projections demonstrate prospective profitability to underwriters and investors, often spanning 12-24 months ahead.^[24] Restructuring scenarios, including cost-cutting or refinancing, employ pro formas to quantify potential improvements in metrics like EBITDA margins, though empirical evidence shows such projections frequently overestimate synergies due to integration challenges.^[25]

Regulatory Oversight and Requirements

In the United States, the Securities and Exchange Commission (SEC) provides primary regulatory oversight for pro forma financial statements to prevent misleading disclosures and ensure reconciliation with generally accepted accounting principles (GAAP).^[26] Pro forma presentations must include clear explanations of adjustments, which are limited to those directly attributable to the underlying event and factually supportable with reasonable methods.^[13] Article 11 of Regulation S-X mandates pro forma financial information in SEC filings for significant business acquisitions, dispositions, or combinations occurring or probable during the most recent fiscal year or interim period, where the transaction meets significance tests such as exceeding 20% of total assets, revenues, or income.^[4] Required presentations include a pro forma condensed balance sheet reflecting the transaction's effects as of the most recent period and pro forma condensed statements of comprehensive income for the most recent fiscal year and any subsequent interim period, unless the acquisition is reflected in interim results.^[11] Adjustments depict the application of GAAP to the transaction, with pro forma results derived by applying those adjustments to historical financials; unaudited pro forma information suffices, but it must not be misleading or omit material effects.^[3] In 2020, the SEC amended these rules to reduce requirements for certain dispositions below 10% significance and allow alternative compliance for repeated acquisitions in the same industry, aiming to lessen reporting burdens while maintaining investor protections.^[27] For public disclosures outside formal filings, such as earnings releases featuring non-GAAP pro forma measures (e.g., adjusted earnings excluding one-time items), Regulation G—adopted in 2003—imposes requirements on registrants with securities under Section 12 of the Securities Exchange Act.^[26] It prohibits presentation of non-GAAP measures without the most directly comparable GAAP measure, a quantitative reconciliation (including per-share figures if presented non-GAAP), and a statement of why the non-GAAP measure provides useful information, with equal or more prominence given to GAAP results.^[28] Measures labeled "pro forma" must align with Article 11 standards if applicable; otherwise, they risk enforcement if they obscure GAAP performance or lack substantiation.^[26] Within SEC filings, Item 10(e) of Regulation S-K reinforces these by barring non-GAAP measures from being displayed more prominently than GAAP or used as standalone compliance substitutes.^[29] Internationally, oversight varies; for instance, the International Financial Reporting Standards (IFRS) do not prescribe specific pro forma formats but require similar transparency under IAS 1 for alternative performance measures, with bodies like the European Securities and Markets Authority (ESMA) issuing guidelines against misleading non-IFRS disclosures in prospectuses.^[30] Non-compliance with SEC rules can trigger enforcement actions, as seen in historical cases where companies faced penalties for unsubstantiated pro forma adjustments inflating earnings.^[31]

Criticisms, Biases, and Empirical Risks

Pro forma financial statements have faced significant criticism for enabling management discretion in excluding non-recurring expenses, such as restructuring costs, stock-based compensation, and amortization of intangibles, which often results in reported earnings substantially higher than those under Generally Accepted Accounting Principles (GAAP).^[32] This selective adjustment lacks standardized criteria, allowing companies to present an overly optimistic view of financial performance without mandatory reconciliation to GAAP in all contexts, potentially obscuring underlying operational weaknesses.^[33] Empirical analyses reveal a persistent upward bias in pro forma adjustments, with studies documenting that such figures systematically exceed GAAP earnings by meaningful margins across multiple years, including post-2001 regulatory scrutiny periods.^[20] For instance, during the early 2000s dot-com era, numerous technology firms relied heavily on pro forma metrics to portray profitability amid GAAP losses, contributing to investor overvaluation and subsequent market corrections.^[32] The U.S. Securities and Exchange Commission (SEC) issued a cautionary advisory on December 4, 2001, warning that unchecked pro forma presentations in earnings releases could mislead investors by prioritizing non-GAAP figures without adequate GAAP context, urging reconciliation and prominence for GAAP results to mitigate deception risks.^[34] Key empirical risks include the absence of audit requirements for pro forma statements, which heightens susceptibility to aggressive revenue recognition or exclusion of recurring costs disguised as one-time items, as evidenced by SEC enforcement actions against firms for misleading pro forma disclosures that inflated apparent income.^[35] Such practices have empirically distorted analyst forecasts and nonprofessional investor judgments, with experimental evidence indicating that prominent pro forma headlines bias perceptions toward higher valuations regardless of adjustment details.^[36] In regulatory filings under Article 11 of Regulation S-X, incomplete pro forma information has been flagged as potentially misleading when omitting material synergies or costs from business combinations, leading to post-transaction performance shortfalls.^[18] Overall, these risks underscore causal vulnerabilities where optimistic projections, unanchored by verifiable historical data, amplify market volatility and erode trust when realizations deviate from forecasts.^[37]

Commercial and Business Applications

Pro Forma Invoices

A pro forma invoice is a preliminary document issued by a seller to a buyer, detailing the anticipated costs, quantities, descriptions of goods or services, shipping fees, and estimated delivery dates prior to finalizing the transaction or shipment.^[38] Unlike a binding contract, it functions as a non-legally enforceable quotation to facilitate buyer decision-making, such as securing import permits or financing.^[39] In international trade, it enables importers to apply for licenses, arrange pre-shipment inspections, or estimate duties without committing to purchase.^[39] Key components typically include the seller's and buyer's contact information, itemized product details with unit prices and totals, applicable taxes or duties, payment terms, and validity period of the quote, often valid for 30 to 90 days depending on market volatility.^[40] It differs fundamentally from a commercial invoice, which records an actual completed sale, serves as a legal demand for payment, and is required for customs valuation and clearance post-shipment.^[41] Pro forma invoices lack enforceability for payment recovery, as courts generally view them as offers rather than obligations, protecting sellers from disputes over preliminary estimates while exposing them to risks if market conditions change before acceptance.^[42] In cross-border commerce, pro forma invoices support regulatory compliance by providing customs authorities with preliminary valuation data for tariff assessments, though they must be superseded by commercial invoices upon entry; U.S. regulations under 19 CFR Part 141 allow their use as substitutes only if followed by definitive documentation within specified timelines, such as 120 days in certain import scenarios.^[43] This practice aids in mitigating risks like currency fluctuations or supply disruptions but can lead to discrepancies if final costs deviate significantly, prompting buyers to negotiate or reject based on updated commercial terms.^[38] Businesses employ them strategically in negotiations to gauge interest without revealing full commercial sensitivities, though overuse may signal hesitancy or inflate perceived costs to buffer against uncertainties.^[44]

Integration in Trade and Contracts

Pro forma invoices play a pivotal role in international trade by providing a preliminary outline of transaction terms, including pricing, quantities, shipping details, and payment conditions, prior to the execution of a binding sales contract.^[39] Issued by sellers to potential buyers, these documents facilitate initial negotiations and enable importers to apply for necessary approvals, such as import licenses or pre-shipment inspections, often required by customs authorities in countries like those adhering to World Trade Organization guidelines.^[39] Unlike commercial invoices, which accompany actual shipments and serve as legal proof of sale, pro forma invoices are non-binding estimates that allow parties to align expectations without committing to enforcement.^[38] In the contract formation process, pro forma invoices integrate into trade agreements by transitioning from tentative proposals to foundational elements of enforceable contracts upon buyer acceptance, typically via a purchase order or formal sales agreement that incorporates the outlined terms.^[45] This integration streamlines commercial transactions, as the pro forma serves as a reference document clarifying obligations, reducing disputes over specifications, and enabling buyers to secure trade financing, such as letters of credit from banks, which are often predicated on the pro forma's details until replaced by the commercial invoice post-shipment.^[46] For instance, in cross-border deals, exporters use pro forma invoices to quote under Incoterms (International Commercial Terms) like FOB or CIF, which then embed into the contract to define risk transfer and delivery responsibilities.^[39] Legally, while pro forma invoices lack binding force and cannot support payment demands or serve as standalone contracts, they contribute to trade integration by evidencing preliminary intent and may be referenced in disputes to interpret subsequent binding agreements, provided the formal contract explicitly adopts their terms.^[38] Courts and arbitral bodies, such as those under the International Chamber of Commerce, treat them as offers subject to revocation or modification, emphasizing their role in fostering good-faith negotiations rather than imposing obligations.^[47] This non-enforceable status mitigates risks for sellers in volatile markets, as terms can adjust based on final production costs or currency fluctuations before contract finalization.^[45] In practice, integration failures, such as discrepancies between pro forma and contract terms, have led to trade delays, underscoring the need for precise documentation to align with regulatory frameworks like U.S. export controls or EU customs valuations.^[39]

Legal Applications

Pro Forma Documents and Orders

In legal proceedings, pro forma documents and orders refer to filings and judicial directives issued primarily to fulfill procedural formalities rather than to resolve substantive disputes on their merits. These instruments, derived from the Latin phrase meaning "for the sake of form," are employed to maintain the status quo, preserve parties' rights for further litigation, or comply with statutory requirements without a full evidentiary hearing or detailed adjudication. For instance, courts may enter pro forma orders to facilitate appeals by granting interim relief, as seen in the 1922 U.S. Supreme Court case Ex Parte Matter of Harley-Davidson Motor Co., where a district court issued a pro forma injunction order with the acquiescence of counsel to enable appellate review, acknowledging its lack of substantive finality.^[48] Pro forma orders often appear in appellate and habeas corpus contexts as cursory dispositions lacking explicit reasoning, such as one-line denials of relief that invoke procedural bars. In Harris v. Reed (1989), the U.S. Supreme Court noted that state courts issuing pro forma orders denying habeas relief must clearly articulate procedural defaults to avoid federal review pitfalls, emphasizing that such orders serve administrative efficiency but demand transparency to uphold due process. Similarly, in discretionary appeal scenarios, pro forma denials by state courts—declining to hear merits without elaboration—have been scrutinized for potentially masking substantive evaluations, as discussed in federal circuit precedents like Werth v. Curtin. These orders contrast with fully reasoned judgments by prioritizing form over depth, which can expedite dockets but risks overlooking merits if not supplemented by subsequent substantive review.^[49]^[50] Pro forma documents, particularly in civil pleadings, include the naming of pro forma defendants—parties added as formal respondents against whom no direct relief is sought, typically to bind shared interests, prevent multiplicity of suits, or satisfy joinder rules under civil procedure codes. Under definitions aligned with U.S. legal practice, a pro forma defendant bears no primary liability for alleged harms but is included to ensure comprehensive judgment enforceability, such as nominal parties in derivative actions or formal respondents in interpleader proceedings. In jurisdictions following codes like India's Code of Civil Procedure (Order I, Rule 10), pro forma parties are arrayed to comply with mandatory joinder without claiming remedies against them, thereby streamlining suits while protecting procedural integrity; res judicata generally does not bind such parties absent active participation. These documents, often template-based affidavits or joinder motions, underscore causal procedural necessities—avoiding fragmented litigation—but empirical critiques highlight risks of diluting focus on liable parties if formal inclusions proliferate without necessity.^[51]

Differentiation from Substantive Legal Actions

Pro forma legal actions, derived from the Latin term meaning "for the sake of form," involve procedural formalities executed to comply with minimal requirements without engaging the substantive merits of a case.^[52] These actions typically occur in uncontested scenarios, such as routine approvals or filings where no genuine dispute exists, allowing courts to issue rulings perfunctorily to advance proceedings.^[6] In contrast, substantive legal actions demand adjudication on the underlying facts and law, incorporating evidence presentation, argument, and judicial determination of rights or liabilities.^[7] A key distinction lies in judicial scrutiny: pro forma orders often bypass evidentiary hearings or detailed analysis, as they address routine or non-adversarial matters, such as unopposed motions or procedural deadlines.^[53] For instance, in criminal procedure, a pro forma date may be set post-plea to schedule further steps without substantive review of guilt or innocence.^[53] Substantive actions, however, require full due process safeguards, including opportunities for contestation, as they directly impact parties' legal positions—e.g., a trial verdict establishing liability rather than a formality confirming jurisdiction.^[54] This differentiation ensures efficiency in judicial systems by reserving resources for contested issues; pro forma measures prevent undue delay in non-meritorious matters but risk oversight if misapplied to disguise substantive decisions.^[52] Courts may explicitly note pro forma status to signal limited review, as seen in appellate denials of discretionary appeals where no merits analysis occurs.^[49] Empirical risks arise when pro forma handling extends to potentially substantive claims, potentially violating due process by forgoing necessary hearings for routine-appearing but impactful rulings.^[54]

Governmental and Parliamentary Applications

Pro Forma Sessions and Procedures

Pro forma sessions in the United States Congress are brief legislative meetings convened primarily for procedural purposes, during which no substantive business, such as roll call votes or debate on legislation, is typically conducted.^[55] These sessions fulfill constitutional requirements under Article I, Section 5, which prohibits either chamber from adjourning for more than three days without the consent of the other, thereby preventing extended recesses within a congressional session.^[56] They are scheduled via unanimous consent agreements or standing orders, often occurring every third day during periods that would otherwise constitute recesses, such as holiday breaks or district work periods.^[56] The primary procedure for a pro forma session involves a single member of the chamber—often a junior legislator—gaveling the session to order, announcing that no business will be conducted, and immediately adjourning, with the entire process lasting only a few minutes.^[57] No quorum is formally required for these minimal activities, though the presence of at least one member suffices to maintain the session's validity.^[56] In the Senate, these sessions have been used to retain the capacity for business, even if none occurs, ensuring the chamber remains technically in session. A key purpose of pro forma sessions is to block the president's recess appointment power under Article II, Section 2, Clause 3, by interrupting potential recesses and preventing the executive from filling vacancies without Senate confirmation.^[57] For instance, during the 112th Congress, the Senate held pro forma sessions every Tuesday and Friday from November 21, 2011, to January 23, 2012, explicitly to preclude President Barack Obama's recess appointments.^[58] This tactic, employed by the minority party to check executive overreach, has been reciprocal; Democrats used similar sessions against President Donald Trump in 2019 and 2020.^[59] The legal status of pro forma sessions was clarified in National Labor Relations Board v. Noel Canning (2014), where the Supreme Court ruled 9-0 that such sessions, when convened with the Senate's capacity to conduct business intact, constitute an active session rather than a recess, thereby invalidating recess appointments made during intervening periods shorter than 10 days. The Court rejected the executive's argument—advanced in a 2012 Department of Justice opinion—that pro forma sessions with no business did not interrupt a recess, emphasizing that recesses must be of "substantial length" to trigger the clause.^[60] This decision limited recess appointments to intrasession recesses exceeding 10 days or intersession recesses, rendering pro forma sessions an effective congressional tool post-2014.^[56] While the term "pro forma sessions" is predominantly associated with the U.S. system, analogous formalities exist elsewhere, such as pro forma bills introduced at the start of sessions in the UK Parliament to affirm legislative independence from the Crown, though these do not equate to the recurring procedural sessions used in the U.S. to manage recesses.^[61] No widespread equivalent practice for blocking executive actions via brief sessions appears in other parliamentary systems, where session management often differs due to fused executive-legislative structures.^[56]

Mechanisms to Check Executive Power

In parliamentary systems, pro forma sessions serve as a procedural mechanism for legislatures to maintain nominal continuity, thereby limiting the executive's ability to exercise unilateral powers during periods of legislative absence. These sessions, conducted with minimal or no substantive business, fulfill constitutional or procedural requirements to prevent extended recesses, which could otherwise enable executive actions such as recess appointments.^[57] In the United States, this practice directly counters the president's authority under Article II, Section 2, Clause 3 of the Constitution, which permits temporary appointments to fill vacancies "that may happen during the Recess of the Senate."^[62] By convening brief pro forma sessions every three days, the Senate adheres to Article I, Section 5's prohibition on adjourning for more than three days without the other chamber's consent, effectively denying the executive a qualifying recess.^[57] The tactic gained prominence in the U.S. during the George W. Bush administration, when Senate Democrats, led by Majority Leader Harry Reid, initiated pro forma sessions in 2007 to block anticipated recess appointments to executive agencies and the judiciary.^[59] This strategy was reciprocated by Senate Republicans against President Barack Obama; in late 2011 and early 2012, they scheduled pro forma sessions every Tuesday and Friday, prompting Obama to nonetheless issue recess appointments to the National Labor Relations Board (NLRB) on January 4, 2012, asserting that the sessions lacked substantive function and did not constitute a true convening.^[63] These appointments were later invalidated by the Supreme Court in NLRB v. Noel Canning (2014), where a unanimous ruling held that the president cannot make recess appointments during short inter-session periods bookended by pro forma sessions, as such sessions interrupt any potential recess and render it insufficiently lengthy—typically requiring at least 10 days under the Court's interpretation of the clause.^[64] The decision affirmed pro forma sessions as a valid legislative tool to constrain executive overreach, though it left open the possibility of appointments during longer, genuine recesses.^[58] Post-Noel Canning, pro forma sessions have routinely prevented recess appointments across administrations, with the Senate holding them at least every three days during recesses to maintain quorum and procedural continuity.^[65] For instance, during the Trump administration (2017–2021) and Biden administration (2021–present), opposition parties in the Senate employed this mechanism to thwart unilateral executive staffing of agencies amid partisan disputes, ensuring Senate confirmation processes remained the primary check.^[66] Critics, including a 2012 Department of Justice opinion under Obama, have argued that pro forma sessions represent congressional gamesmanship rather than a substantive check, potentially undermining the Framers' intent for balanced recesses to allow executive flexibility in emergencies.^[60] However, empirical outcomes demonstrate their efficacy: no recess appointments have occurred since 2014, reinforcing legislative dominance over high-level appointments and illustrating a formal procedural bulwark against executive unilateralism.^[65] Beyond appointments, pro forma sessions indirectly curb other executive prerogatives, such as pocket vetoes of legislation, by keeping Congress in session and requiring formal vetoes subject to override.^[67] In comparative parliamentary contexts, analogous formalities exist but with varying emphasis on executive checks; for example, some Westminster systems use pro forma openings to affirm legislative sovereignty over prorogation decisions, though they less frequently target recess-like powers due to fused executive-legislative structures.^[68] This U.S.-centric evolution underscores pro forma mechanisms as an adaptive, low-cost tool for maintaining separation of powers amid gridlock, prioritizing empirical procedural adherence over substantive deliberation.

Comparative Systems and Historical Cases

In Westminster-style parliamentary systems, such as those in the United Kingdom and Canada, pro forma procedures often serve to initiate sessions or assert legislative independence through ritualistic bills introduced without substantive debate. For instance, the British House of Commons has employed the Outlawries Bill as a pro forma measure since 1727, read at the start of each new Parliament to symbolize autonomy from the Crown by claiming ancient privileges, though no actual legislation follows.^[69] Similarly, Canadian legislative assemblies historically introduced pro forma bills at session openings until reforms in some provinces, reflecting a shared tradition of formal compliance to constitutional norms without engaging core business.^[70] These practices contrast with the United States Congress, where pro forma sessions—brief gatherings announced in advance with no votes, debates, or committees meeting—primarily function to block presidential recess appointments under Article II, Section 2 of the Constitution by preventing a qualifying "recess" longer than three days.^[55] Historically, pro forma sessions in the UK have facilitated procedural maneuvers during political exigencies. In 1948, Prime Minister Clement Attlee prorogued Parliament after a mere ten-day pro forma session to circumvent opposition delays and expedite the Parliament Act 1949, which reduced the Lords' veto power over Commons legislation.^[71] This tactic underscored prorogation's role as a formal tool for executive control over legislative timing, distinct from dissolution. In the US, Senate Majority Leader Harry Reid initiated frequent pro forma sessions in 2007–2008, convening the chamber every three days during an August recess to thwart President George W. Bush's recess appointments, a practice that extended into subsequent administrations and highlighted partisan checks on executive power.^[72] By 2011–2012, President Barack Obama tested these limits by making recess appointments during Senate pro forma sessions, but the Supreme Court invalidated them in NLRB v. Canning (2014), ruling that such sessions, even if nominal, constitute official Senate business and preclude recess appointments if the Senate is "available" to receive them.^[64] Comparatively, pro forma mechanisms reveal systemic differences in executive-legislative balances: Westminster traditions emphasize ceremonial continuity and Crown relations, often enabling prime ministerial discretion in prorogation, whereas the US separation of powers prioritizes procedural hurdles to unilateral executive action, with pro forma sessions evolving as a Senate innovation absent in the House.^[60] In both, however, these formalities have invited legal scrutiny; the UK's 2019 prorogation attempt, though not purely pro forma, echoed historical uses but was deemed unlawful by the Supreme Court for subverting parliamentary functions.^[73] Empirical patterns show pro forma sessions proliferating in polarized eras—US usage surged post-2007 amid recess appointment disputes, while UK instances tie to reformist agendas—demonstrating their utility as low-cost tools for maintaining institutional form amid substantive gridlock, though they risk eroding deliberative norms if over-relied upon.^[59]

Broader Contexts and Evolutions

Applications in Mergers and Economics

Pro forma financial statements in mergers and acquisitions illustrate the projected financial outcomes of combining entities, adjusting historical data to reflect the transaction's effects as if it had occurred earlier in the period. These statements typically include a pro forma balance sheet showing combined assets, liabilities, and equity, alongside income statements that incorporate synergies, such as cost savings or revenue enhancements anticipated from the deal. For instance, in evaluating a merger, acquirers use pro forma metrics to assess metrics like earnings per share (EPS) accretion or dilution, helping stakeholders gauge the transaction's value creation potential.^[74]^[75] Regulatory frameworks, such as the U.S. Securities and Exchange Commission's Regulation S-X Article 11, mandate pro forma financial information for significant business combinations in public filings, including Form S-4 proxy statements for mergers. This requires presenting condensed pro forma balance sheets and income statements for at least the most recent fiscal year and interim periods, with adjustments for acquisition accounting, financing, and operational changes. The primary aim is to enable investors to evaluate the material impact of the merger, though pro forma figures must be reconciled to historical data and exclude speculative elements not directly tied to the transaction. Failure to comply can delay approvals, as seen in scrutiny over inadequate disclosures in high-profile deals.^[18]^[13] In economic analysis, pro forma statements extend beyond mergers to model hypothetical scenarios, such as the impacts of policy changes, market shifts, or capital investments on firm performance. Economists and analysts employ them to forecast cash flows, profitability, and balance sheet health under varying assumptions, facilitating decisions in budgeting, valuation, and risk assessment. For example, pro forma earnings exclude nonrecurring items like one-time restructuring costs to highlight core operational trends, aiding comparisons across economic cycles. However, their reliance on assumptions introduces risks of over-optimism; studies indicate that pro forma earnings can inflate reported profits by excluding expenses, potentially misleading investors about sustainable performance, as evidenced by a 2003 analysis of 58 companies where such reporting boosted net earnings by $11.4 billion over GAAP figures.^[76]^[14]^[32]

Recent Developments and Reforms

In U.S. congressional practice, pro forma sessions have persisted as a procedural tool in 2025 to maintain legislative continuity during recesses, preventing recesses exceeding three days that could enable presidential recess appointments under Article II of the Constitution. On October 10, 2025, House Democrats utilized a pro forma session to advance legislation funding U.S. troops amid funding disputes.^[77] Similarly, the House conducted pro forma sessions on September 30 and October 17, 2025, reflecting ongoing reliance on these minimal proceedings to count as legislative days under House rules.^[78]^[79] The 119th Congress, convening in January 2025, incorporated rules changes effective March 11, 2025, explicitly affirming that pro forma sessions qualify as legislative days for purposes such as the War Powers Resolution, which requires reporting within 48 hours of hostilities unless Congress is in session.^[80] This codification addresses ambiguities in prior usage, where pro forma sessions—often limited to a single member's gaveling in and out—have been employed by both parties since the 110th Congress to counter executive actions, as seen in Republican blocks on Obama-era appointments and Democratic responses under subsequent administrations.^[63] A December 2024 analysis proposed reforms to facilitate executive staffing in a potential new administration by coordinating with congressional leaders to suspend pro forma sessions, allowing adjournments of 10 or more days and thereby permitting recess appointments without Senate confirmation delays.^[81] Such a shift would revert to pre-2010 norms but faces procedural hurdles, as unilateral presidential declarations of recess have been invalidated by courts, including a 2014 D.C. Circuit ruling upholding Senate pro forma blocks.^[82] In financial reporting for mergers and acquisitions, the SEC's 2020 amendments to Regulation S-X marked a key reform by replacing prescriptive pro forma adjustment categories with a principles-based standard, requiring disclosure of transaction effects on registrants' financial position, liquidity, and results only if materially incremental to historical data.^[83] These changes reduced filing burdens, such as limiting acquired business financial statements to two years for significant targets instead of three, while mandating pro forma information within 71 days of acquisition for certain filings.^[27] The SEC staff updated its Financial Reporting Manual on June 30, 2025, to reflect ongoing application of these rules under Article 11, emphasizing columnar presentations of historical and adjusted pro forma data for business combinations.^[84] No further substantive regulatory overhauls have occurred as of October 2025, though the framework supports evolving M&A practices by prioritizing investor-relevant adjustments over rigid formats.^[14]

References

[1]
What Are Pro Forma Financial Statements? - HBS Online
Oct 28, 2021 · In the online course Financial Accounting, pro forma financial statements are defined as “financial statements forecasted for future periods.
[2]
Pro Forma - Definition, Uses in Income Statements and LoI
Pro forma is Latin for “as a matter of” or “for the sake of form.” It is used primarily in reference to the presentation of information in a formal way.
[3]
Regulation SX Article 11 - SEC.gov | Financial Reporting Manual
Dec 11, 2017 · Pro forma financial information is required if a significant business combination has occurred in the latest fiscal year or subsequent interim period, or is ...
[4]
17 CFR § 210.11-01 - Presentation requirements. - Law.Cornell.Edu
Pro forma financial information must be filed when any of the following conditions exist: (1) During the most recent fiscal year or subsequent interim period.
[5]
[PDF] The Pros and Cons of Pro Forma Financial Reporting
Pro forma (definition): A presentation of data, typically financial statements, where the data reflects the world on an. “as if ” basis; that is, as if the ...<|separator|>
[6]
pro forma | Wex | US Law | LII / Legal Information Institute
Pro forma is a Latin term meaning made or done as a formality. In securities law, pro forma refers to financial statements that are prepared in advance of a ...
[7]
pro forma Definition, Meaning & Usage - Justia Legal Dictionary
pro forma - A phrase used to describe something that is done as a simple formality or ritual so it appears to meet certain standards or rules.
[8]
https://ahdictionary.com/word/search.html?q=pro%20forma
[9]
Pro forma - Hull AWE
Sep 2, 2015 · Pro forma, a prepositional phrase used as an adverbial in Latin, has been used in English as an adverb since 1572, an adjective since 1823, and a noun since ...
[10]
PRO FORMA in a sentence - Cambridge Dictionary
We shall view with interest in due course the pro forma of the census. The evidence was that in too many cases consultation was effectively pro forma.
[11]
17 CFR § 210.11-02 - Preparation requirements. - Law.Cornell.Edu
(1) Pro forma financial information must consist of a pro forma condensed balance sheet, pro forma condensed statements of comprehensive income, and ...
[12]
4.2 Form and Content of Pro Forma Financial Information | DART
Pro forma financial information should generally be presented in columnar form, with separate columns for historical financial information, pro forma ...
[13]
[PDF] Pro forma financial information - EY
We are pleased to present this publication, Pro forma financial information: a guide for applying Article 11 of Regulation S-X. Pro forma financial ...
[14]
SEC 4560 - Pro forma financial information - PwC Viewpoint
Oct 15, 2025 · The SEC's rules generally allow registrants to omit pro forma financial information if the financial statements of an acquired business are not ...
[15]
Exhibit 99.2 Pro Forma Financials - SEC.gov
The unaudited pro forma combined condensed financial statements were prepared using the acquisition method of accounting as outlined in Financial Accounting ...
[16]
4.1 Pro Forma Financial Information Required in SEC Filings | DART
Pro forma financial information is required for consummated or probable acquisitions and dispositions of real estate operations.
[17]
6.5 Pro forma financial information - PwC Viewpoint
The pro forma financial information may also need to reflect transaction accounting adjustments, such as the divestiture of assets or depooling of businesses ...
[18]
Topic 3: Pro Forma Financial Information (Regulation S-X Article 11)
Jun 30, 2025 · A pro forma condensed statement of comprehensive income may be filed for the corresponding interim period of the preceding fiscal year. A pro ...
[19]
4.4 Pro Forma Adjustments | DART – Deloitte Accounting Research ...
In a business acquisition, the pro forma balance sheet and pro forma income statement(s) begin with the registrant's historical financial information.
[20]
Pro Forma Adjustments to GAAP Earnings: Bias, Materiality, and ...
Our findings indicate pro forma adjustments have continued to be systematically biased in recent years to show significantly higher earnings compared to GAAP ...Missing: criticisms reliability
[21]
Pro Forma Financial Statements: How to Create Them - NetSuite
and their ...How Are Pro Forma Financial... · Types of Pro Forma Financial...
[22]
How to create & use pro forma statements - Cube Software
Feb 29, 2024 · How to create a pro forma financial statement · Determine its purpose · Look at your assumptions · Create your statements · Share with stakeholders ...
[23]
Pro Forma Financial Statements (with Templates and Examples)
Apr 21, 2022 · Pro forma statements are financial reports for your business based on hypothetical scenarios. They're a way for you to test out situations you think may happen ...Income Statement · Balance Sheet · Cash Flow Statement
[24]
Pro Forma Financial Statements | Wall Street Prep
Pro forma statements include projected income, balance sheet, and cash flow statements, relying on assumptions like sales growth and cost estimates. Accurate ...Applications of Pro Forma... · Key Components of Pro Forma...
[25]
Mastering Pro Forma Financial Information: A Complete Guide
Sep 2, 2024 · Pro forma statements typically diverge from GAAP standards as they project anticipated financial outcomes without being bound by conventional ...Types Of Pro Forma Financial... · Creating Pro Forma Financial... · Utilizing Pro Forma...<|separator|>
[26]
Non-GAAP Financial Measures - SEC.gov
a non-GAAP measure labeled “pro forma” that is not calculated in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X.
[27]
The SEC Makes Sweeping Changes to The M&A Financial ...
Jul 10, 2020 · Under the existing rules, a registrant must file pro forma financial information for any disposition of a business that exceeds the 10% ...
[28]
[PDF] Regulation G (Non-GAAP Disclosures) Guide – 2025
Question: If reconciliation of a non-GAAP financial measure is required and the most directly comparable measure is a “pro forma” measure prepared and presented ...
[29]
SEC 6020 - Non-GAAP measures - PwC Viewpoint
Oct 15, 2025 · The SEC has defined the term “non-GAAP financial measure” in S-K 10(e)(2) and Rule 101(a)(1) of Regulation G and has provided additional ...
[30]
[PDF] Technical Line: Navigating the requirements for non-GAAP financial ...
Apr 27, 2023 · Regulation G applies to any registrant, other than a registered investment company, that has a class of securities registered under Section 12 ...<|separator|>
[31]
Disclosure of Non-GAAP Financial Measures: Recent SEC ...
Dec 5, 2024 · Reg. G governs public disclosures that contain non-GAAP financial measures, including investor presentations and press releases of any company ...
[32]
The Dangers of Pro Forma Reporting - The CPA Journal Archive
Many critics argue that pro forma earnings reports are simply an attempt by management to cast the company's earnings in a more positive light or to excuse poor ...
[33]
Misuse of Pro Forma Financials in Investor Materials
Aggressive revenue recognition in pro forma statements exaggerates income and distorts true performance. Lack of standardized adjustment criteria enables ...
[34]
Cautionary Advice Regarding the Use of "Pro Forma" Financial ...
Dec 4, 2001 · We wish to caution public companies on their use of this "pro forma" financial information and to alert investors to the potential dangers of such information.
[35]
What are the potential risks or drawbacks of relying on proforma
Relying on proforma earnings statements can have several potential risks or drawbacks. Firstly, these statements are not audited, which means they may not ...
[36]
Does Pro Forma Reporting Bias Analyst Forecasts?
This study adopts a user perspective and investigates how pro forma reporting affects analysts' judgments in an experimental setting. On the basis of ...
[37]
"Pro Forma" Financial Information: Tips for Investors - SEC.gov
Jul 31, 2007 · You can find the SEC's Cautionary Advice Regarding the Use of "Pro Forma" Financial Information in Earnings Releases, Release Nos. 33-8039 ...
[38]
What Is a Pro Forma Invoice? Required Information and Example
A pro forma invoice is used by a seller to communicate to a buyer the expected costs, fees, and date of delivery for an order.
[39]
Pro Forma Invoice - International Trade Administration
A pro forma invoice is a quote in an invoice format that may be required by the buyer to apply for an import license, contract for pre-shipment inspection.
[40]
Proforma Invoices Explained with Uses and Examples | Tipalti
A proforma (or pro forma) invoice is a preliminary bill of sale sent to a buyer to request payment for goods and services before they are supplied.Is a Proforma Invoice Legally... · Proforma Invoice Examples
[41]
Understanding the Difference: Pro Forma Invoice vs Commercial ...
Jun 29, 2023 · Commercial invoices reflect actual sales and are legally binding, while pro forma invoices are estimates, not legally binding, and generated ...
[42]
Proforma Invoice Vs Commercial Invoice- Major Difference! - Invoicera
Proforma invoices are estimates sent before sale, while commercial invoices are issued after the sale, and are legally binding. Proforma invoices are not ...Introduction · Proforma Invoice · Commercial Invoice · Key Differences Between...
[43]
19 CFR Part 141 Subpart F -- Invoices - eCFR
If no invoice or bill is available, a pro forma (or substitute) invoice, as provided for in § 141.85, shall be filed, and shall contain information adequate ...
[44]
What Is a Proforma Invoice? [With 3 examples] | Salesforce ANZ
Nov 13, 2024 · A proforma invoice is a preliminary bill outlining product or service details and costs sent to a customer before a sale is finalised.
[45]
Understanding the Proforma Invoice: An Essential Guide for Exporters
Jul 23, 2025 · A proforma invoice is a preliminary document that serves as a formal quote for international buyers, containing detailed information before ...
[46]
Proforma Invoice and Commercial Processes Everything About ...
Jan 23, 2025 · In global trade, proforma invoices act as key reference documents for agreements between sellers and buyers.They help establish clarity on ...<|separator|>
[47]
Proforma Invoice Meaning (Plus 9 Things You Should Know)
A proforma invoice is a non-legally binding "pre" invoice that is used to establish the terms of an order before an actual purchase order is sent.
[48]
Ex Parte Matter of Harley-Davidson Motor Co. | 259 U.S. 414 (1922)
... pro forma order granting the injunction to the end that an appeal might be prosecuted. This was done with the acquiescence of counsel. We agree with the ...
[49]
Harris v. Reed | 489 U.S. 255 (1989)
... pro forma order easily can write that "relief is denied for reasons of procedural default." Of course, if the state court under state law chooses not to ...
[50]
[PDF] Supreme Court of the United States - Jones Day
Frank, 412. F.3d 808, 815 (7th Cir. 2005)). Under any of these definitions, a pro forma order in which a state court declines to hear a discretionary appeal ...
[51]
Pro Forma Defendant Law and Legal Definition | USLegal, Inc.
A pro forma defendant is a defendant named as a matter of formality, who typically has no direct responsibility for the harm alleged, but shares an interest ...
[52]
Pro Forma Law and Legal Definition | USLegal, Inc.
Pro Forma Law and Legal Definition. Pro forma is a Latin term meaning ... Pro Forma Defendant · Pro Forma Invoice · Pro forma Session · Pro Forma Statements ...
[53]
The Criminal Court Process - Lambert Avocats
Normally, after a plea of not guilty has been recorded, the judge may set a pro forma date for taking a position or directly set a trial date. A pro forma date ...
[54]
Procedural Due Process Civil :: Fourteenth Amendment - Justia Law
In other cases, hearings with even minimum procedures may be dispensed with when what is to be established is so pro forma or routine that the likelihood of ...
[55]
Pro Forma Sessions | C-SPAN Classroom
Aug 14, 2012 · Pro forma sessions are meetings of the House or Senate during which no legislative business is conducted and no roll call votes are held.Missing: United | Show results with:United
[56]
https://crsreports.congress.gov/product/pdf/R/R42977
[57]
Pro Forma Sessions in Congress - ThoughtCo
Apr 5, 2020 · The term pro forma is a Latin term meaning “as a matter of form” or “for the sake of form” and they are most often held in the Senate.<|control11|><|separator|>
[58]
National Labor Relations Board v. Noel Canning - Oyez
The Court held that a pro forma session does not create a recess long enough to trigger the Recess Appointments Clause. While the term "recess" in the Clause ...
[59]
Pro Forma Procedural Wars - Congressional Institute
Jan 16, 2012 · A pro forma session is simply an instance of the Senate using its procedure-making power to transact its business. Just as the arguments in ...
[60]
[PDF] PRO FORMA SESSIONS OPINIONS - Department of Justice
Jan 31, 2012 · The convening of periodic pro forma sessions in which no business is to be conducted does not have the legal effect of interrupting an ...
[61]
2: The Crown and parliamentary sessions - UK Parliament
A bill, for the better regulating of Select Vestries, is then read a first time pro forma on the motion of the Leader of the House, in order to assert the right ...
[62]
Overview of Recess Appointments Clause | Constitution Annotated
The Recess Appointments Clause, authorizing the President to make temporary appointments when the Senate is not in session, was adopted by the Constitutional ...
[63]
Recess Appointments Made by President Barack Obama
Beginning in the 110th Congress, the Senate periodically used pro forma sessions to prevent the occurrence of a recess of more than three days. There appears to ...
[64]
NLRB v. Canning | 573 U.S. 513 (2014)
In the distributor's view, each pro forma session terminated the immediately preceding recess. Accordingly, the appointments were made during a 3-day ...
[65]
Bypassing the Senate: How Recess Appointments Can Affect the ...
Jan 7, 2025 · Since Noel Canning, there has not been a single recess appointment because the Senate conducts “pro forma” sessions every three days under ...
[66]
What Are Recess Appointments, and Will President-Elect Trump ...
brief meetings designed ...
[67]
Sessions, Adjournments, and Recesses of Congress
Jul 19, 2016 · Pro forma sessions have sometimes been used to preclude recess appointments by preventing a recess of the session. In 2014, the U.S. Supreme ...Recess of the Daily Session · Recess of the Session" · Pro Forma Sessions<|separator|>
[68]
[PDF] Žs Theirs: The Recess Appointments Clause, Pro Forma Sessions ...
Jan 4, 2012 · arisen with the Congress's use of pro forma sessions in an attempt to block recess appointments and derail the executive's agenda. The ...<|separator|>
[69]
[PDF] Pro Forma Bills and Parliamentary Independence from the Crown
In 1727, the Outlawries Bill was chosen by the British. House of Commons as the pro forma bill to be used at the start of every Parliament. This choice is ...
[70]
Pro Forma Bills and Parliamentary Independence from the Crown
A pro forma bill had historically been introduced in this province's legislative assembly, but since reconstituting itself as a National Assembly, the Throne ...
[71]
[PDF] A Critical Analysis of the Case of Prorogations - Paul Daly
opposition to his nationalisation policies, Clement Attlee prorogued Parliament to create a pro forma session to satisfy the requirements of the Parliament Act.
[72]
Congress Takes Recess From Pro Formas - Wilson Center
Apr 22, 2013 · So far this Congress has been spared the brief “pro forma” sessions used to block presidential recess appointments in previous Congresses.
[73]
The Prorogation Dispute of 2019: one year on
Sep 24, 2020 · The UK Supreme Court held that Parliament had been unlawfully prorogued in September 2019. This paper explains the judgment, and the background to it.
[74]
M&A Vocabulary – Understanding Experts: Pro forma financial...
For example, pro forma adjustments are made in the case of companies whose growth strategy is to open new branches rather than to acquire existing branches.
[75]
Definition, Types of Pro forma - Financial Edge
Apr 18, 2022 · Pro forma, a Latin term meaning “as a matter of form”, is a set of financial statements prepared using hypothetical transactions or scenarios.
[76]
What Are Pro Forma Financial Statements? - Investopedia
From the Latin meaning "for the sake of form," pro forma generally means something done for the sake of appearances, or formality. Companies use pro forma ...
[77]
House Dems coming back - Live Updates - Politico
Oct 10, 2025 · House Democrats plan to try to pass legislation to pay U.S. troops as scheduled on Oct. 15 during a Friday afternoon pro forma session, ...
[78]
Griffith Presides over Pro Forma Session of House
Sep 30, 2025 · U.S. Congressman Morgan Griffith (R-VA) took to the floor of the U.S. House of Representatives to preside over a Pro Forma session.Missing: United States
[79]
Congressional Chronicle - Members of Congress, Hearings and More
Follow Latest Developments for the 119th Congress and the Government Shutdown. House Pro Forma Session - October 17, 2025 No session found for the selected ...<|separator|>
[80]
House Rules Changes Affecting Floor Proceedings in the 119th ...
Mar 11, 2025 · Pro forma sessions, though brief, count as legislative days. 21. Section 5(c) of the War Powers Resolution (P.L. 93-148) contemplates that ...
[81]
[PDF] How to Staff the New Administration Without Delay
Dec 16, 2024 · With an end to pro forma sessions, the President could then coor- dinate with Senate and House leaders to adjourn Congress for 10 days or more ...
[82]
Pro Forma Session | Thompson Coburn LLP
Jul 3, 2020 · Pro forma sessions are typically short sessions where little, if any, legislative business is conducted because their main purpose is procedural.Missing: United States
[83]
SEC Adopts Significant Amendments to Improve Financial ...
Jun 25, 2020 · The current rules require registrants to file pro forma financial statements to reflect significant business dispositions.<|separator|>
[84]
Financial Reporting Manual - SEC.gov
Summary of most recent changes Sections of the Financial Reporting Manual have been updated as of August 22, 2025, and June 30, 2025. These sections have been ...Topic 9 · Audited financial statements · Other Financial Statements... · In this Section