회계오류로 인한 재무제표의 재작성이 재무보고의 보수성에 미치는 영향

This paper examines whether financial statement restatement due to accounting errors causes change of conservatism in financial reporting of the restatement firms using 79 restatement firms over the period 2002-2006. For this purpose, this research uses three alternative measures of accounting conservatism : BTM measure in Beaver and Ryan(2000) model, cumulative nonoperating accrual measure in Givoly and Hayn(2000) model and differential timeliness measure in Basu(1997) model. Summing up the main results, first, BTM measure decreased over one year before and after the restatement, which means the financial reporting of the restatement firms became more conservative after the restatement. Second, cumulative nonoperating accrual increased negatively over three years before and after the restatement, which also means the restatement firms have used nonoperating accrual to report their financial statement more conservatively after the restatement. Third, differential timeliness increased over one year before and after the restatement, which means the restatement firms have reflected bad news more quickly than good news after the restatement. These results have policy implication to the economic consequences of K-IFRS 1008 which demands no materiality criteria for financial statement restatement due to accounting errors.