Article2016

Future Cash Flow Predictability of Non‐IFRS Earnings: Australian Evidence

Elisabeth Sinnewe · Jennifer L Harrison · Albert Wijeweera

16 citations0/0 files storedAustralian Accounting Review

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Financial Reporting and Valuation Research

Abstract

The global proliferation of reporting non‐International Financial Reporting Standards (IFRS) (pro forma) earnings has been subject to academic debate and regulatory reform. This study examines whether non‐IFRS earnings contain statistically significant information on future cash flow predictability that could be useful for investors. The study uses data from large Australian listed companies over a six‐year period (2006–11) covering three distinctive periods around the global financial crisis (GFC): pre‐GFC, GFC and post‐GFC. Results based on fixed effects panel estimation methods suggest non‐IFRS earnings do exert a significantly positive impact on future cash flow predictability but only during pre‐crisis and crisis periods.

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1995Earnings, Book Values, and Dividends in Equity Valuation*1994Accounting earnings and cash flows as measures of firm performance 2003Limited attention, information disclosure, and financial reporting 2001The relevance of the value relevance literature for financial accounting standard setting: another view 1998The relation between earnings and cash flows 2006International Financial Reporting Standards (IFRS): pros and cons for investors 2009Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'2002GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings

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