원칙중심의 영업손익 회계정보가 가치관련성에 미치는 영향

Operating income has been considered useful information to assess firms value. The International Financial Reporting Standards (IFRS) do not require for firms to disclose operating income in the financial statements. IFRS makes even no guidance of operating income. Korean International Financial Reporting Standards (K-IFRS) also did not require a disclosure of operating income and any mention. The lack of guidance as to how to compute operating income and no requirement disclosure of operating income caused inconsistency and information asymmetry. But previous Korean Generally Accepted Accounting Principle (K-GAAP) did require a disclosure of operating income and guide detailedly as to how to compute operating income. This paper provides empirical evidence on the relative value relevance of alternative operating income under K-IFRS and definite operating income under previous K-GAAP. This paper empirically analyzes a sample of 5,941 firm-years listed companies in Korean Stock Exchange over 2009-2012. This study results show that alternative operating income under K-IFRS are more value relevant than regular operating income under K-GAAP. The contribution of this study is to find that operating income under principle based K-IFRS provides more useful information.