Standards are always evolving and act more as a compliance tool than anything right now. There have been and probably always will be better metrics for "valuing" a business than GAAP financial statements alone.
Companies choosing to disclose non-standardized metrics are attempting to give you a better picture of the business. The problem, as you noted, is that sometimes companies will stretch the truth.
I don't think accounting standards are going to fill this gap anytime soon unless the SEC chooses to restrict that type of reporting altogether. I doubt this will happen because investors want more information, not less (even if you have to read between the lines)
Companies choosing to disclose non-standardized metrics are attempting to give you a better picture of the business. The problem, as you noted, is that sometimes companies will stretch the truth.
I don't think accounting standards are going to fill this gap anytime soon unless the SEC chooses to restrict that type of reporting altogether. I doubt this will happen because investors want more information, not less (even if you have to read between the lines)