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Biased earnings and non-reversing accruals: The impact of delayed recognition under pension accounting (SFAS No. 87).

机译：收入偏差和不可逆应计费用：养老金会计处理中延迟确认的影响（SFAS第87号）。

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摘要

This study tests the hypothesis that delayed recognition under SFAS No. 87 enables upward biased earnings by allowing aggressive choice of the expected rate of return on plan asset investment (ERR). To evaluate this hypothesis, I examine the time-series properties of pension accrual reversals, deferred losses (or gains), and cumulative unrecognized losses (or gains) under SFAS No. 87. I also assess the interaction between these processes and ERR choices.; Results indicate that the delayed recognition effectively suspends pension accrual reversal, and induces an upward bias in reported earnings over the testing period. The corridor amortization produces highly persistent unrecognized gains or losses and allows deferred losses to persist and accumulate. In addition, cross-sectional regression results show that aggressive ERR choices are associated with positive non-reversing pension accruals, upward bias in sponsoring firms' earnings, and non-offsetting unrecognized losses.; Further analysis suggests that the plan-wise empirical results are not driven by small plans. Thus, the economic significance of the delayed recognition under SFAS No. 87 is far from negligible. Analyses of materiality suggest that the income statement and balance sheet consequences of the upward bias documented in the study are substantial, especially for larger firms. In addition, firm-specific analyses suggest that aggressiveness in exploiting the delayed recognition feature and its amortization scheme are likely to be pervasive among sponsoring firms during the testing period.
机译：这项研究检验了以下假设：根据SFAS No.87进行的延迟确认可以通过积极选择计划资产投资的预期回报率（ERR）来实现收益的向上偏差。为了评估该假设，我根据SFAS No. 87检查了退休金应计冲销，递延损失（或收益）和未确认的累计损失（或收益）的时间序列特性。我还评估了这些过程与ERR选择之间的相互作用。 ;结果表明，延迟确认有效地暂停了退休金应计逆转，并在测试期间导致了报告收益的向上偏差。走廊摊销产生了高度持久的无法识别的损益，并允许递延的损失得以保留和累积。另外，横截面回归结果表明，积极的ERR选择与正的不可逆养恤金应计，保荐公司收入的向上偏差以及未抵消的未确认损失有关。进一步的分析表明，按计划进行的实证结果不是由小计划驱动的。因此，根据第SFAS No.87进行延迟承认的经济意义远不能忽略。重要性分析表明，研究中记录的向上偏差对损益表和资产负债表的影响是巨大的，尤其是对于大型公司。此外，针对公司的分析表明，在测试期间，发起人公司在采用延迟识别功能及其摊销方案方面的积极性很可能会普遍存在。

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