IFRS 도입을 전후한 회계정보의 질적 특성 및 가치 관련성 변화

This study examines the change of asymmetric timeliness and value relevance of accounting earnings before and after IFRS adoption. At the present time of two years after the adoption of IFRS, my reasoning is that it will be exposed by accounting earnings quality whether domestic companies have reported their real economic substance in a transparent manner or opportunistically. Based on this reasoning, first, I investigates the change of asymmetric timeliness of accounting earnings 2 years before and after IFRS adoption using three models, i.e. Basu(1997)'s earnings change model, Basu(1997)'s market-based model and Ball and Shivakumar(2005)'s accruals-based model. The results show that asymmetric timeliness(conditional conservatism)of accounting earnings has decreased consistently in the three models. Second, I investigates if the change of asymmetric timeliness of accounting earnings affects the change of value relevance of accounting earnings. The results show that reduction of asymmetric timeliness of accounting earnings results in reduction of value relevance of accounting earnings. It means that the purpose of IFRS adoption to drive domestic companies to report their economic substance transparently has not been established. I conclude that domestic companies have not improved the accounting transparency around IFRS adoption. The results of the paper suggests policy implications to regulatory authorities in terms of the practical monitoring of IFRS adoption.