Cash Flow Accounting Revisited: A Note on a Partial Replication of the Lee Study

This paper examines the attitudes of audit partners in U.S. public accounting firms towards various forms and dimensions of cash flow accounting (CFA), and in part replicates Lee's 1981 study. A total of 800 questionnaires were mailed. Despite the call by some cash flow proponents (i.e., Thomas, 1974) for additional CFA disclosures, the conclusions drawn from this study were that the current historical costs system is, in general, regarded as adequate for evaluating the economic performance of an entity, and there is a perception that publicly disclosed, supplementary cash flow information is not required.