K-IFRS 도입 이후 손익보고양식에 따른 포괄손익과 당기손익의 가치관련성

This study examines whether the presentation format of reported income affects the value relevance of comprehensive income and that of net income after the adoption of the Korean International Financial Reporting Standard (K-IFRS) in 2011, which allowed a firm to choose its presentation format of reported income between a single comprehensive income statement and two separate statements consisting of the income statement and the comprehensive income statement. To estimate the value relevance of comprehensive income and that of net income, we run the Ohlson(1995)’s price level model over the full sample of all listed firms during the first 3 years after the adoption of the K-IFRS(2011 - 2013). Major findings are as follows: The value relevance of comprehensive income and that of net income are higher when they are reported in separate statements compared to when they are reported in a single statement. These results imply that reporting the comprehensive income and the net income in separate statements can provide more useful information than those reported in a single statement. All the results continue to hold even if Heckman 2-stage least square procedure is used in order to control for endogeneity problem. Our findings can contribute to the current accounting literature by providing empirical evidence on the difference in the information usefulness of reported income based on different presentation format after the adoption of the K-IFRS.