The study looked at different parts of earnings in New Zealand to see which ones were most helpful for predicting future earnings and stock returns. They found that breaking down earnings into smaller parts was more useful than looking at total earnings. This suggests that the current accounting rules in New Zealand might not be as helpful as they could be for investors. The results also show that the stock exchange in New Zealand could do a better job of highlighting important earnings information for investors. Overall, the study suggests that the way earnings are reported in New Zealand could be improved to give investors better information.