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An empirical investigation of Statement of Financial Accounting Standards No. 131: The effects on the prediction of future cash flows and financial analysts' cash flow forecast accuracy.

机译：对《财务会计准则第131号：对未来现金流量的预测和财务分析师的现金流量预测准确性的影响》进行的实证研究。

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摘要

In this study, I examine the extent to which the implementation of Financial Accounting Standard Board (FASB) Statement No. 131 (SFAS 131) affects the predictability of future cash flows. I investigate whether segment disclosure under SFAS 131 segment-reporting regime improves the ability to predict future cash flows beyond that of segment data provided under SFAS 14. Specifically, I examine four sub-samples of firms that are classified as increase, decrease, reclass, and no change firms. FASB (1997) and AIMR (1993) assert that more narrowly defined segment information under the SFAS 131 segment-reporting regime should improve financial statement users ability to better predict future cash flows. I test these assertions by investigating whether SFAS 131 improves cash flow predictability by utilizing a cash flow prediction model and financial analysts' cash flow forecast.; My empirical findings suggest that, upon adoption of SFAS of SFAS 131, the cash flows of firms that provided more narrowly defined segment data were more accurately predicted than the cash flows of firms that did not using a next-period ahead cash flow prediction model. However, I also find that changes in segment disclosure resulting from the adoption of SFAS 131 did not significantly improve financial analysts' ability to forecast cash flows. This finding is consistent with financial analysts already having access to this pertinent information prior to SFAS 131, which is documented in Berger and Hann (2002a) and analysts' reports. Overall, my findings indicate that SFAS 131 has been somewhat beneficial for firms that increased their segment disclosure level, but at the same time possibly detrimental, at least in the short horizon, to firms that maintained the same level of segment disclosure upon adoption of SFAS 131. These findings suggest that the initial requirement that cash flows be reported on a segment basis under SFAS 131 may have been warranted in order to help financial statement users better predict future cash flows.
机译：在这项研究中，我研究了财务会计准则委员会（FASB）第131号声明（SFAS 131）的实施在多大程度上影响了未来现金流量的可预测性。我调查了SFAS 131细分市场报告制度下的细分市场披露是否提高了预测未来现金流量的能力，超出了SFAS 14所提供的细分市场数据。具体而言，我研究了四个子样本，这些样本被分类为增加，减少，重新分类，而且没有零钱公司。 FASB（1997）和AIMR（1993）断言，在SFAS 131细分市场报告制度下，更狭义的细分市场信息应会提高财务报表使用者更好地预测未来现金流量的能力。我通过调查SFAS 131是否利用现金流量预测模型和财务分析师的现金流量预测来提高现金流量可预测性来测试这些断言。我的经验发现表明，采用SFAS 131的SFAS，与未使用下一期提前现金流量预测模型的公司的现金流量相比，提供更狭窄定义的细分数据的公司的现金流量可以更准确地预测。但是，我还发现，由于采用SFAS 131而导致的部门披露变化并没有显着提高财务分析师预测现金流量的能力。这一发现与金融分析师在SFAS 131之前已经可以访问此相关信息相一致，该信息记录在Berger和Hann（2002a）和分析师的报告中。总体而言，我的发现表明，SFAS 131对于提高细分市场披露水平的公司有所裨益，但同时至少在短期内，这可能对采用SFAS时保持相同细分市场披露水平的公司有害。 131.这些调查结果表明，可能有必要初步要求按照SFAS 131分部报告现金流量，以帮助财务报表使用者更好地预测未来现金流量。

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  • 作者

    Hollie, Dana Yvette.;

  • 作者单位

    Washington University.;

  • 授予单位 Washington University.;
  • 学科 Business Administration Accounting.; Business Administration General.
  • 学位 Ph.D.
  • 年度 2003
  • 页码 53 p.
  • 总页数 53
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财务管理、经济核算;贸易经济;
  • 关键词

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