T he purposes of this thesis are to analyze the relativity between income smoothing (net earnings, debt to equity, total asset, net profit margin, profitability, and discretionary accrual) and earning future expectation (expected earning) for manufactured companies in Indonesia, and also to prove whether income smoothing influences earning future expectation. This research use 20 manufactured companies data, listed in The Indonesia Stock Exchange and 20 manufactured companies data, listed in The Singapore Stock Exchange, that been chosen by the purposive sampling method. Modified Jones model is use in this thesis as an income smoothing assumption. The data analysis method that been used are One Sample KolmogorovSmirnov, Multicollinearity Test, Durbin-Watson Test, Scatterplot, Pearson Correlation, Multiple Regression, F Test, and T-Test. Based on the test done, it is shown that in Indonesia the net earnings and net profit margin variables are significantly positive related to expected earning variable (earning future expectation), while debt to equity, total asset, profitability, and discretionary accrual variables are not significantly positive related to expected earning variable. And in Singapore the net earnings variable is significantly positive related to expected earning variabel (earning future expectation), while debt to equity, total asset, net profit margin, profitability, and discretionary accrual variables are not significantly positive related to expected earning variable. Another result of the test done is that all independent variables (income smoothing), together, are significantly influencing their dependent variable, earning future expectation (expected earning).