보고방식에 따른 총포괄손익의 가치관련성 변화

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.