The most common abuse of GAAP isn't Extreme events - it's companies excluding some kind of common event every year. This happened at a company I used to work f

The most common abuse of GAAP isn't Extreme events - it's companies excluding some kind of common event every year. This happened at a company I used to work for: for 4 years out of 5 there was a "one-time-only" exceptional cost taken out of earnings. After a while it got silly. This isn't extreme good fortune, which would appear in both numbers. It is futile to predict the future. GAAP is just there to try and make it easier to interpret the past, by applying some rules to compare companies against each other.