K-IFRS 제1109호의 최초 도입으로 인한 당기손익공정가치금융상품으로의 계정재분류에 미치는 영향 : 금융업을 중심으로

In accordance with the K-IFRS 1109, financial instruments are classified to amortized cost(AC), fair value through other comprehensive income(FVOCI) and fair value through profit or lss(FVPL). And disposal gains are prohibited to account for reported income of income statement when the FVOCI financial instruments would be saled in the future, so-called recirculation prohibition. Under the K-IFRS 1039, it was allowed that CEOs attempted earning managements through disposal of available-for-sale financial asset(AFS), in which valuation gains, being accounted for other comprehensive income were recirculated. This research are performed to investigate whether Other comprehensive income of available-for sale financial asset could affect reclassified amounts to the FVPL among the AFS. In addition, affects of the reported income are researched on the reclassified amounts, because CEOs are likely to try earning management when net income is predicted to be less than target or is low, comparing with other companies. As a result of empirical analysis, firstly, we find that other comprehensive income of the AFS have a positive impact on the reclassified FVPL. Secondly reported income have negative impact on the reclassified FVPL. Thirdly the differential effects are find to be increased among the companies which have more other comprehensive income and less level of reported income. Fourthly the effects are not found in the sample of banks but are more distinct in the sample of securities companies. Empirical results of this study provide evidence of earning management on the reclassification of FVPL and give meaningful implications to regulators, academic researchers and auditors.