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Prior literature provides divergent conclusions on earnings management through PRE. This study provides evidence that U.S. firms continue to manage earnings up through PRE and may begin to manage earnings down through PRE despite an evolving reporting environment. Additionally, this study finds results consistent with firms utilizing the deferred tax liability on non-PRE as a cookie jar reserve for upward earnings management but not downward earnings management. Furthermore, this paper provides evidence that during the fourth quarter, U.S. firms manage earnings down through PRE post-SOX. This paper highlights the difficulty in utilizing 10-K information to identify earnings management through PRE, which supports efforts by the Securities and Exchange Commission and the Financial Accounting Standards Board to increase transparency surrounding the PRE designation on unremitted foreign earnings.