국제회계기준(IFRS)의 도입이 상장기업의 유효법인세율에 미치는 영향

Abstract

Despite economic substance remaining unchanged, the potential changes in effective tax rates as new sets of accounting standards has recently become of great concern to the firms planning to adopt IFRS, let alone the academic researchers. Accordingly, this study examines whether adopters of IFRS has been impacted by the changes in corporate tax and effective tax rates under IFRS in any significant way as compared to those under K-GAAP. For those firms that have adopted IFRS in 2011, this case study examines 453 firms.  These firms have reported financial statements for both K-IFRS and K-GAAP in 2010, due to the gradual shift from one accounting standard, K-GAAP, to another, K-IFRS.  The firms that have adopted IFRS in 2011 were required by the authority to restate their 2010 financial statements using IFRS and disclose the reconciliation of the differences between the two sets of accounting standards. Thus, even when economic substance remains unchanged among these firms, it has enabled us to conduct a comparative analysis as seen in the effective tax rates as caused by the two different sets of accounting standards in areas such as corporate tax, income and loss before income taxes, and current income of income statements. The main results of adopters of IFRS for the 2011 fiscal year are as follows: First, adopters of IFRS have increased effective tax rates as compared to those still under K-GAAP. Second, adopters of IFRS (excluding companies that reported a deficit in their 2011 income statements) have effectively experienced a increase in corporate tax as compared to those under K-GAAP. Third, there are strong indicators that show adopters of IFRS have effectively increased their income and loss before income taxes and current income as compared to those under K-GAAP. Also, for these firms, there exists a difference between firms on the KOSPI and KOSDAQ. KOSPI firms exhibit similar results for their whole firm's result of analysis, but KOSDAQ firms show differences for their whole firm's result of analysis.  Additionally, Corporate and industrial business segments have demonstrated differences from each other in regards to their result analysis. These results contribute to research about how adopters are affected by the changes to accounting standards on corporate tax and effective tax rates. Also these results contribute to research about how adopters are affected by the changes to accounting standards as segregated by KOSPI firms and KOSDAQ firms, or by corporate and industrial firms. Furthermore, it could be interpreted as a signal that the adoption of IFRS might have insignificant impacts on corporate tax and effective tax rates at least for some firms, let alone for academic researchers.