This paper explores whether the earnings time series is influenced by differences in accrual methods across categories of balance sheet accounts. We also explore whether firms offset this influence using communications other than earnings. We assume the earnings time series to be subject to two primary influences: prior earnings and changes in the intrinsic value of the net assets of the firm. We hypothesize that the influenceof prior earnings is increased by the use of accrual methods such as depreciation associated with long-term operating assets. On the other hand, the influence of intrinsic value changes is enhanced by market-value-oriented accounting methods associated with financial assets and liabilities. We estimate a time-series regression model of earnings on lagged earnings and a multiple of lagged equity price. The equity-price multiple acts as a proxy for the change in the underlying value of the firm's net assets. Our model formulation implies that the coefficients on lagged earnings and price should be negatively correlated; and we find strong evidence to support this. Further, we find that that the prior earnings (lagged price) coefficient is positively (negatively) associated with the relative magnitude of fixed assets, and that the lagged price (prior earnings) coefficient is positively (negatively) associated with the relative magnitude of long-term debt. We also find a richer information environment is complementary to more informative earnings rather than a substitute for it.