{"title":"标准制定者能否改进资本支出的现金流报告?","authors":"Mayer Chunzi Liang, Thomas J. Linsmeier","doi":"10.2308/horizons-2021-161","DOIUrl":null,"url":null,"abstract":"\n We evaluate whether current capital expenditures (capex) reporting in the cash flows statement can be improved via disaggregation and/or reclassification of some capex as operating activities. FASB Concept Statement No. 5 suggests recurrence and risk as useful characteristics for determining disaggregation and classification in financial statements. Using a novel German dataset that provides disaggregated capex information, we examine whether these characteristics differ across capex components and provide evidence of up to five economically distinct components. These results support disaggregating capex into maintenance, expansion, rationalization, restructuring, and environmental components. Our findings, however, do not support reclassifying any capex component as operating activities, although evidence suggests capex and capex components are misclassified as investing activities. As a first step toward improving capex reporting guidance, our evidence suggests standard setters consider disaggregating and presenting capex components as supplemental information in the cash flow statement, the footnotes, or MD&A.\n Data Availability: FactSet data are publicly available. The disaggregated capital expenditures data are available from the ifo Institute.\n JEL Classifications: G31; M41; M48.","PeriodicalId":51419,"journal":{"name":"Accounting Horizons","volume":null,"pages":null},"PeriodicalIF":2.2000,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Can Standard Setters Improve Cash Flow Reporting of Capital Expenditures?\",\"authors\":\"Mayer Chunzi Liang, Thomas J. Linsmeier\",\"doi\":\"10.2308/horizons-2021-161\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\n We evaluate whether current capital expenditures (capex) reporting in the cash flows statement can be improved via disaggregation and/or reclassification of some capex as operating activities. FASB Concept Statement No. 5 suggests recurrence and risk as useful characteristics for determining disaggregation and classification in financial statements. Using a novel German dataset that provides disaggregated capex information, we examine whether these characteristics differ across capex components and provide evidence of up to five economically distinct components. These results support disaggregating capex into maintenance, expansion, rationalization, restructuring, and environmental components. Our findings, however, do not support reclassifying any capex component as operating activities, although evidence suggests capex and capex components are misclassified as investing activities. As a first step toward improving capex reporting guidance, our evidence suggests standard setters consider disaggregating and presenting capex components as supplemental information in the cash flow statement, the footnotes, or MD&A.\\n Data Availability: FactSet data are publicly available. The disaggregated capital expenditures data are available from the ifo Institute.\\n JEL Classifications: G31; M41; M48.\",\"PeriodicalId\":51419,\"journal\":{\"name\":\"Accounting Horizons\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.2000,\"publicationDate\":\"2024-06-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Accounting Horizons\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.2308/horizons-2021-161\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounting Horizons","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.2308/horizons-2021-161","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Can Standard Setters Improve Cash Flow Reporting of Capital Expenditures?
We evaluate whether current capital expenditures (capex) reporting in the cash flows statement can be improved via disaggregation and/or reclassification of some capex as operating activities. FASB Concept Statement No. 5 suggests recurrence and risk as useful characteristics for determining disaggregation and classification in financial statements. Using a novel German dataset that provides disaggregated capex information, we examine whether these characteristics differ across capex components and provide evidence of up to five economically distinct components. These results support disaggregating capex into maintenance, expansion, rationalization, restructuring, and environmental components. Our findings, however, do not support reclassifying any capex component as operating activities, although evidence suggests capex and capex components are misclassified as investing activities. As a first step toward improving capex reporting guidance, our evidence suggests standard setters consider disaggregating and presenting capex components as supplemental information in the cash flow statement, the footnotes, or MD&A.
Data Availability: FactSet data are publicly available. The disaggregated capital expenditures data are available from the ifo Institute.
JEL Classifications: G31; M41; M48.
期刊介绍:
Accounting Horizons is one of three association-wide journals published by the American Accounting Association AAA. This journal seeks to bridge academic and professional audiences with articles that focus on accounting, broadly defined, and that provide insights pertinent to the accounting profession. The contents of Accounting Horizons, therefore, should interest researchers, educators, practitioners, regulators, and students of accounting.