In this study, we examine GAAP-compliant and non-compliant revenue accruals among non-fraud, non-error restated firm-years. The restatement setting isolates and quantifies managerial discretion in the revenue recognition process and provides insight into the role of GAAP compliance in producing predictive information. We find consistent evidence that non-GAAP-compliant revenue accruals are predictive of future cash receipts and total sales. We find that this main result is strongest for accrued revenues rather than deferred revenues. We find additional evidence that non-GAAP-compliant revenue accruals are generally more or similarly predictive of future cash receipts or total sales when compared to GAAP-compliant revenue accruals for both restated and non-restated firm-years. Our findings suggest that managers’ discretion provides predictive information in the restatement setting, where managers’ judgment is likely most prevalent. We also find that ex-post compliance with US GAAP does not isolate and remove less predictive information. Last, we fail to find reliable evidence that managers in our sample use their discretion over revenue accruals to smooth revenues or to meet or beat revenue and earnings benchmarks.

中文翻译：

---

财务重述中收入确认的管理自由裁量权以及对 GAAP 合规的影响

在这项研究中，我们检查了非欺诈、非错误重述的公司年间符合 GAAP 和不符合规定的收入应计。重述设置隔离并量化了收入确认过程中的管理自由裁量权，并提供了对 GAAP 合规性在生成预测信息中的作用的洞察。我们发现一致的证据表明，不符合 GAAP 的收入应计可以预测未来的现金收入和总销售额。我们发现，这一主要结果对于应计收入而非递延收入而言最为强劲。我们发现更多证据表明，与重述和非重述公司年的 GAAP 合规收入应计相比，非 GAAP 合规收入应计通常更多或类似地预测未来现金收入或总销售额。我们的研究结果表明，管理者的判断力在重述环境中提供了预测信息，在这种情况下，管理者的判断可能最为普遍。我们还发现事后遵守美国 GAAP 不会隔离和删除较少的预测信息。最后，我们未能找到可靠的证据表明我们样本中的经理使用他们对收入应计的自由裁量权来平滑收入或达到或超过收入和收益基准。