Warren Buffett：Berkshire Hathaway 2013 Letter, Additional Excerpt 2

Our income and expense data conforming to Generally Accepted Accounting Principles (“GAAP”) is on page 29. In contrast, the operating expense figures above are non-GAAP and exclude some purchase-accounting items (primarily the amortization of certain intangible assets). We present the data in this manner because Charlie and I believe the adjusted numbers more accurately reflect the true economic expenses and profits of the businesses aggregated in the table than do GAAP figures.

Source： https://www.berkshirehathaway.com/letters/2013ltr.pdf
Locator：2013 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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