Also known as flash numbers. Financial information included in an offering document for a securities offering that covers a time period more recent than the periods covered by the latest full financial statements in the offering document and that is neither audited nor reviewed by accountants.

The American Institute of Certified Public Accountants has issued a white paper that is generally referred to by counsel and auditors when discussing whether auditors can provide the initial purchasers or underwriters of a securities offering with comfort on fourth quarter and full-year capsule financial information.

For more information on conducting due diligence on capsule financial information, see Practice Note, Comfort Letters: Purpose and Process and Standard Documents, CFO Certificate: Securities Offering and CFO Certificate: Clauses for Capsule Financial Information.

For sample disclosure of capsule financial information in an offering document, see Standard Clause, When Your Numbers Are Not Ready: Disclosing Preliminary Financial Data.

For more information on issues related to the age of financial statements at the time of a proposed securities offering, see Practice Note, Updating Financial Statements: The Staleness Rules.