국제회계기준의 도입과 적자를 회피하기 위한 이익조정: 이익의 분포를 중심으로

Since 2011, all listed companies were required to prepare their financial statements in accordance with International Financial Reporting Standards. The current literature suggests that, since the adoption of the IFRS, conservatism has increased and earnings management has decreased. However, the results are based on the analysis of data collected shortly after the adoption of the IFRS, therefore it is not easy to generalize the results. This paper examines the effect of IFRS on earnings management and investigates whether the adoptin of the IFRS has reduced loss avoidance earnings management. Following earnings distribution analysis by Burgstahler and Dichev(1997), I analyzed listed companies' third quarter accumulated earnings and annual earnings from 2008 to 2013. In the study, it is hypothesized that if conservatism reduced earnings management then the difference between annual earnings interval and the third quarter interval also diminishes. It is also hypothesized that the sign of earnings change between the third quarter and annual reports is reduce. Moreover, I analyzed if the earnings reporting pattern has changed in small loss and small profit firms after IFRS adoption. The data suggests earnings management has reduced since IFRS adoption. However, small loss and small profit firms' loss avoidance earnings management has not been reduced. Especially, earnings management has reduced only in the year of adoption and has increased in the following years. The results suggest that earnings management analysis based on IFRS early adoption firms or a short period after IFRS adoption can draw inappropriate conclusions.