보고방식에 따른 총포괄손익의 가치관련성 변화
Change in Value Relevance of Comprehensive Income according to the Reporting Method
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본 연구의 목적은 K-IFRS를 조기적용한 기업을 대상으로 총포괄손익의 보고방식에 따라 총포괄손익의 가치관련성에 어떠한 영향을 미치는지를 실증분석 하고자 한다. K-IFRS를 2009년과 2010년에 조기적용한 상장기업은 총 59개사이다. 이 중 실증분석에 필요한 재무자료 등이 부적합한 기업을 제외한 43개사를 표본기업으로 하였다. 표본기업의 업종 및 자산규모를 고려하여 1배수로 통제기업을 선정한 뒤 연구를 수행하였다. 우선 K-IFRS를 조기적용한 기업의 특징을 살펴 본 결과, K-IFRS 조기적용한 기업이 K-GAAP를 적용한 기업보다 자산규모가 크고, 외국인 지분율이 높은 것으로 나타났다. 총포괄손익 보고방식의 변화 즉, K-GAAP 하의 간접공시에서 K-IFRS 하의 직접공시로의 전환이 주가에 미치는 영향을 분석한 결과, 총포괄손익계산서를 이용한 즉, 직접공시의 형태가 간접공시형태보다 정보이용자의 의사결정에 더 유용한 정보를 제공하고 있는 것으로 나타났다. 이러한 결과는 총포괄손익을 보다 직접적이고 충분하게 공시함으로써 회계정보이용자가 보다 용이하게 의사결정 할 수 있는 환경을 제공해 주는 것으로 판단된다. 본 연구는 총포괄손익이 직접공시로 변경된 시점의 재무제표를 이용하여 분석함으로써 지금까지의 선행연구와 차별성이 있으며, 회계제도의 변경에 따른 효과를 검토하는 데 중요한 참고자료가 될 것으로 기대한다.
Abstract
The objective of this paper is to investigate empirically whether the reporting method of comprehensive income affects the value relevance of comprehensive income using the firms which have adopted Korean International Financial Reporting Standards (K-IFRS) early. K-IFRS requires companies to report comprehensive income in the primary financial statements and allows its presentation in a statement of comprehensive income which can be either a single statement or two statements where net income and comprehensive income are presented separately. Korean Generally Accepted Accounting Principles (K-GAAP) required the disclosure of comprehensive income in a separate statement of changes in equity or in the notes of financial statements. To provide evidence on the usefulness of the new reporting method of comprehensive income, we examine whether the disclosure of comprehensive income in a direct method results in a change in the incremental value relative to the indirect presentation. The 59 firms among the Korean firms which were listed on the Korea Stock Exchange (KRX) adopted K-IFRS early in 2009 or 2010. The initial sample comprises 59 observations. Since some firms were excluded if they lack financial information for an empirical analysis, the final sample consists of 43 KRX listed firms. The firms of voluntary K-IFRS adoption have larger asset size and greater foreign stakeholders than those of K-GAAP adoption. The 43 firms of our treatment group are compared with those of the control group that are selected based on industry and firm size. Our research design for price level regressions follows well-known theoretical work of Ohlson (1995) that expresses the investor's firm value as a function of a firm's book value and abnormal or residual earnings. We found that the change in the reporting method of comprehensive income, from indirect disclosures in K-GAAP to direct disclosures in K-IFRS, is more strongly associated with stock prices. The direct reporting of comprehensive income in a statement of comprehensive income provides users with incremental value over the indirect disclosing approach. In our paper we chose the sample that voluntarily adopted K-IFRS before mandatory K-IFRS reporting and it resulted in an insufficient number of observations. Our sample may not be representative of the population of all firms subject to the K-IFRS regulation. Another limitation of our study is that we are unable to match exactly the control sample with treated observations even though we consider the size and industry of early adopters. We analyzed the financial information for the period which comprehensive income is reported directly and our results using the data after K-IFRS adoption are different from previous researches. This paper therefore provides implications regarding the effect of the change in an accounting policy.
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