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Review of Accounting Studies

Erschienen in:

23.07.2018

Defining, measuring, and modeling accruals: a guide for researchers

verfasst von: Chad R. Larson, Richard Sloan, Jenny Zha Giedt

Erschienen in: Review of Accounting Studies | Ausgabe 3/2018

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Abstract

Research on accounting accruals is pervasive. Yet the measurement and modeling of accruals has developed in an ad hoc manner, resulting in a fragmented and incomplete body of research. Our goal is to rectify this situation by (i) providing a comprehensive definition of accruals, (ii) formulating a corresponding empirical measure of accruals, (iii) offering two decompositions of our measure that encapsulate the major classes of accruals studied elsewhere, (iv) combining and expanding prior models of the fundamental determinants of accruals into one parsimonious model, and (v) identifying the primary determinants of each of the major classes of accruals. We close by providing guidance for researchers in tailoring the selection of accruals to the research question at hand.

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Note that this definition of cash is more restrictive than the definition proposed by Ohlson (2014). Ohlson includes “approximate equivalents” of cash, including long-term marketable securities and debt, in the definition of cash. In our view, the measurement of these assets and liabilities embodies accrual accounting assumptions that makes them an integral part of the accrual accounting process. We do, however, separately categorize and analyze the related accruals in ‘financial accruals’.

The earnings adjustment for stock-based compensation expense essentially involves a transfer between paid-in capital and retained earnings, with no net effect on common equity (CEQ). It does not involve asset or liability accounts, and it does not directly relate to past or future cash flows. As such, we exclude this earnings adjustment from our comprehensive definition and measure of accruals. For consistency, we therefore exclude it from our definition and measurement of earnings. One could argue that it should be included as a new category of accruals. While acknowledging this case, we leave it to future research to examine this accounting adjustment.

Note that changes in accounts that Compustat classifies as part of shareholders equity but not part of common shareholders equity are included in FINACC. For example, from the perspective of common equityholders, the issuance of preferred equity would result in a negative financial accrual.

Hribar and Collins (2002, pp. 107–108) state: “Changes in assets and liabilities due to these non-operating events show up in the balance sheet, but do not flow through the income statement. Consequently, a portion of the changes in balance sheet working capital accounts relates to the non-operating events, and would erroneously be shown as accruals under the balance sheet approach.”

We found that Compustat often omits asset write-downs from FOPO when they result from the cumulative effect of an accounting change. In such cases, Compustat simply omits the resulting charge from XIDOC in the statement of cash flows, even though it is recorded in XIDO on the income statement. This is particularly prevalent around the adoption of SFAS 142, which allowed for “catch-up” goodwill impairments to be recorded as the cumulative effect of an accounting change.

Prominent examples in 2016 include Apple, Palo Alto Networks, Splunk, Take-Two Interactive Software, Aspen Technology, Workday, and ServiceNow.

The U.S. GAAP governing whether an asset’s book value has fallen sufficiently below its fair value to warrant impairment vary by asset. For example, goodwill is required to be written down when its book value is determined to have dropped below its fair value, while PP&E is required to be written down when the undiscounted recoverable future cash flows fall below its book value.

In robustness tests, we test our predictions using the more typically employed proxies for conditional conservatism: negative stock returns (DumRET and DumRET*RET) and negative cash flows (DumCF and DumCF*CF). In our main analyses, we choose to use PL_MTLB, instead of the return or cash flow proxies, because a firm that experiences a negative news event would not write down assets if the fair market value of assets were greater than the book value of those assets. Moreover, comparisons of adjusted R²s support the use of PL_MTLB.

The results for CC_ACC have lower statistical significance, but this largely reflects the lower variation in this accrual component.

We also exclude cash flow as an independent variable in the Table 11 regressions, because cash flow is one of the explanatory variables in the accrual model.

We identified the causes of the top 10 highest values of Res_OA_OPACC in our sample. The most common causes are gains on the sale of investments and the extinguishment of debt. As such, they appear to represent legitimate accounting adjustments related to investing and financing transactions that are not captured by our model.

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Titel: Defining, measuring, and modeling accruals: a guide for researchers
verfasst von: Chad R. Larson
Richard Sloan
Jenny Zha Giedt
Publikationsdatum: 23.07.2018
Verlag: Springer US
Erschienen in: Review of Accounting Studies / Ausgabe 3/2018
Print ISSN: 1380-6653
Elektronische ISSN: 1573-7136
DOI: https://doi.org/10.1007/s11142-018-9457-z

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