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1、DOI:10.1111/j.1475-679X.2006.00198.xJournalofAccountingResearchVol.44No.2May2006PrintedinU.S.A.TheRoleofAccrualsinAsymmetricallyTimelyGainandLossRecognitionRAYBALL∗ANDLAKSHMANANSHIVAKUMAR†Received7January2005;accepted30November2005ABSTRACTWeinvestigatetheroleofaccru
2、alaccountingintheasymmetricallytimelyrecognition(incorporationinreportedearnings)ofgainsandlosses.Timelyrecognitionrequiresaccrualswhenitprecedescompleterealizationofthegainsandlossesincash.Weshowthatnonlinearaccrualsmodelsincorporat-ingtheasymmetryingainandlossreco
3、gnition(timelierlossrecognition,orconditionalconservatism)offerasubstantialspecificationimprovement,ex-plainingsubstantiallymorevariationinaccrualsthanequivalentlinearspecifi-cations.Conversely,conventionallinearaccrualsmodels,byomittingthelossrecognitionasymmetry,exh
4、ibitsubstantialattenuationbiasandofferacom-parativelypoorspecificationoftheaccountingaccrualprocess.Linearspeci-ficationsalsounderstatetheabilityofcurrentearningstopredictfuturecashflows.Thesefindingshaveimplicationsforourunderstandingofaccrualac-countingandconservatism
5、,aswellasforresearchersestimatingdiscretionaryaccruals,earningsmanagement,andearningsquality.1.IntroductionViewedingeneralterms,accrualaccountingisatechnologyforimprov-ingfinancialreportinganddisclosure.Onespecificwayaccrualaccounting∗UniversityofChicago;†LondonBusine
6、ssSchool.WearegratefulforcommentsfromMaryBarth,SudiptaBasu,PhilipBerger(Editor),MarkBradshaw,PeterEaston,RichardFrankel,AndrewLeone,ScottRichardson,ananonymousreferee,andseminarparticipantsatthe2005JournalofAccountingResearchConference,EmoryUniversity,HarvardBusines
7、sSchool,andLondonBusinessSchool.BallgratefullyacknowledgesfinancialsupportfromtheUniversityofChicago,GraduateSchoolofBusiness.207CopyrightC,UniversityofChicagoonbehalfoftheInstituteofProfessionalAccounting,2006208R.BALLANDL.SHIVAKUMARfunctionsisbyamelioratingtransit
8、orychangesinoperatingcashflow(Dechow[1994],Dechow,Kothari,andWatts[1998]).Transitorycashfloweffectsoccurbecausefirms’operatingactivitiesorman
