국제회계기준 도입에 따른 연결재무제표와 개별재무제표의 가치관련성 비교

This study investigates the rationale of adoption of IFRS to Korea from 2011 by comparing the value-relevance of parents' individual financial statements with that of consolidated financial statements. Since the accounting standards setters of Korea has already declared the adoption of IFRS from 2011, the listed companies in Korea should prepare and disclose the consolidated financial statements as basic financial statements and they will not be obliged to prepare and disclose the individual financial statements in the future. The test period of this study covers from 2001 to 2006 since the companies began to apply the revised Korean accounting standards for consolidation from 2001. I use the Ohlson(1995) model to compare the value-relevance of parents' individual financial statements with that of consolidated financial statements, and perform t-test to find whether there are significant difference of financial ratios between them. I find that the major financial ratios of individual financial statements are significantly different from those of consolidated financial statements, which indicate that equity and credit analysis would be influenced by the use of consolidated financial statements because the individual financial statements have been used for such analyses so far in Korea. I find more that the value-relevance of the consolidated financial statements is significantly lower than that of the individual financial statements. Therefore I can predict that the stock prices will be adjusted because the current year end stock prices of the companies in Korea are mainly influenced by the individual financial statements. And these results support the rationale of the adoption of IFRS which requires the disclosures of the consolidated financial statements as basic financial statements.