K－IFRS 도입과 기타포괄손익 정보의 유용성

This study investigates usefulness of other comprehensive income in terms of value relevance and analysts forecast, using firms reporting other comprehensive income in a statement of comprehensive income under K－IFRS. A large set of prior research found the information contents of other comprehensive income. However, most of them did not use reported number of other comprehensive income, used derived measures of other comprehensive income. Thus, I reexamine the value relevance of other comprehensive income using actual reported other comprehensive income value to complement such a prior value relevance research. In this context, I conducted analyses as to value relevance using both price and return models, and the results represent that there is the association between other comprehensive income and market value. In addition, I performed analysis on analysts forecast as well, and the result shows that analysts incorporate the implications of other comprehensive income into subsequent earings forecast. Taken together, these findings imply that other comprehensive income has the information contents. My results are timely given by the effectiveness of other comprehensive income reporting mandated by K－IFRS.