the earnings volatility of the firm's own reported fiscal year. To the extent managers use accruals to reduce annual … find that cash flow and accrual patterns for firms with high values of our smoothing measure are more consistent with … primarily driven by accruals rather than cash flows. Overall, we contribute to the literature exploring alternative explanations …

presentation of the system of national accounts and the balance of payments was the adoption of accruals reporting for income and … that the creditor approach is the only one consistent with accrual principles and market valuation for the debt outstanding …