한국에서 원칙중심 IFRS의 채택은 이익조정행태를 감소시키는가?: 발생액 결정요인 모형을 이용한 시계열 비교

This study investigates the effect of the adoption of principles-based International Financial Reporting Standards (IFRS) on the earnings management behavior in the Korean market. In particular, we compare whether the R2 of the normal accrual determinants model and the size of the abnormal accrual differ between K-GAAP and IFRS adaption periods. The results of this study are summarized as follows. First, we confirm that the standard error rate (1-adjusted R2) of the normal accrual determinants model in the IFRS period is statistically significantly greater than the K-GAAP period. These results suggest that upward and downward earnings management have increased further after the mandatory adoption of IFRS. Second, after controlling the various factors affecting the total accruals (normal accruals determinants, corporate characteristics, macroeconomic factors and industry types), we analyze whether the total accruals differ between K-GAAP and IFRS periods. As a result of analyzing by applying various comparison criteria, we confirm that the regression coefficient of the period dummy variable(with IFRS adaption period defined as one) shows positive (+) or zero (0). This result suggests that the upward earnings management behavior in the IFRS period has not decreased more than at least the K-GAAP period. Overall, the results of this study show that the adoption of principle-based accounting standards in Korea tends to expand rather than reduce managerial discretion.