K－IFRS 적용 이후 이연법인세자산의 가치관련성

Since the adoption of K－IFRS in 2011, The recognition standards for Deferred Tax Assets(DTA) have been relaxed compared to previous years. This means that the company may overestimate DTA, which may result in a different valuation for the DTA. Therefore, this study aimed at verifying the value relevance of DTA after applying K－IFRS. for this purpose First, this study examined the effect of DTA on stock prices. Second, we investigated the effect of realization of DTA on stock prices. The analysis period and the sample target were 1,605 companies that are registered in the securities market(in December from 2014 to 2016) and the value relevance was verified using the Ohlson(1995) model. The results of this paper are summarized as follows. First, DTA had a positive(＋) impact on share prices. Second, DTA showed differentiated value relevance depending on the feasibility. Empirical results means that DTA are still being valued as positive information in the capital market even after the recognition standards of DTA have been relaxed. also this study suggests that investors value the deferred tax assets recognized by the corporation differently according to their feasibility, without trusting them. Our findings contribute to the validation of the value relevance of DTA in a relaxed recognition standard environment after K－IFRS.