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Future Cash Flow Predictability of Non‐IFRS Earnings: Australian Evidence
Authors:Elisabeth Sinnewe  Jennifer L. Harrison  Albert Wijeweera
Affiliation:1. Queensland University of Technology, Brisbane;2. Southern Cross University, Lismore
Abstract:The global proliferation of reporting non‐International Financial Reporting Standards (IFRS) (pro forma) earnings has been subject to academic debate and regulatory reform. This study examines whether non‐IFRS earnings contain statistically significant information on future cash flow predictability that could be useful for investors. The study uses data from large Australian listed companies over a six‐year period (2006–11) covering three distinctive periods around the global financial crisis (GFC): pre‐GFC, GFC and post‐GFC. Results based on fixed effects panel estimation methods suggest non‐IFRS earnings do exert a significantly positive impact on future cash flow predictability but only during pre‐crisis and crisis periods.
Keywords:
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