K－IFRS 적용이 재무제표의 유용성에 미치는 영향에 관한 연구 = The Study on the Value Relevance of Early Adopting K－IFRS

다국어 초록 (Multilingual Abstract)

In this study, we examine the effect of adopting IFRS standards on the value relevance of accounting information. More specifically, we examine the difference of the combined value relevance of book value and net income between before and after adopting IFRS. Using the empirical form of Ohlson model and a sample of 47 firms adopting IFRS earlier than others from 2009.1Q to 2010.2Q, we regress stock price on both book value and net income. As we measure the value relevance as the explanatory power of book value and net income for market values, so higher explanatory power is interpreted as evidence of more value relevance.
Our results are summarized as follows. First, there is little evidence suggesting that accounting numbers under IFRS are more value relevant than under K－GAAP. Second, comprehensive income have no incremental value relevance beyond net income. Third, as the periods of postadoption IFRS are longer(that is, more accounting information under IFRS), the value relevance of accounting measures under IFRS has improved. Fourth, comparing the value relevance for firms early adopting IFRS and non－adopting firms cross－sectionally, we find accounting numbers of firms adopting IFRS are more value relevant than all of others.
Consequently, accounting information applying IFRS is not fully reflected in the investors'decision making, but it is possible that usefulness of IFRS can be improved as more information is disclosed and mandatory adoption IFRS is implemented.

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