기업회계기준서 제16호(법인세비용)가 재무비율 및 주가관련성에 미치는 영향

This paper indicated the potential problems in the revised income tax accounting standards (Statement No. 16, hereafter) being effective from 2005, and analysed the effects of Statement No. 16 on the financial ratios and stock price-relevance. Under Statement No. 16 a deferred tax asset shall be recognized for the carryforward of unused tax losses as a current or a non-current asset depending on the estimated realization periods. However the basis of classification of a current or a non-current asset may be arbitrary. And the deferred tax shall be recognized for gains or losses from investment valuation even though the gains or losses are not related to the cash flows in the reversal years. This study analysed the differences among financial ratios and stock price-relevance based on the three financial statements: (1) financial statements in 2005 under Statement No. 16, (2) adjusted financial statements under prior accounting standards, and (3) adjusted financial statements under Statement No. 16 except for the recognition of deferred tax for gains or losses from investment valuation. The results of this paper show that the financial ratios are significantly different, but the stock price-relevance is not significantly different among three financial statements. The results of this paper are important to standard-setting bodies because it would be better they choose the alternative to mitigate misstatement of financial statements provided that there is not significant difference for stock price-relevance among the alternatives. In addition to that the analysts of financial statements should be concerned about the limitation of financial statements for which are applied new income tax accounting.