금융기관 보고이익의 정보유용성에 대한 연구：K－IFRS 1109를 중심으로

[Purpose] The adoption of IFRS by Korean banks resulted in the reporting of non－GAAP adjustments to IFRS net income and book values of equity because of two different regulations—accounting standards and supervisory regulations. The banks are required to apply IFRS when they prepare financial statements, yet they also must comply with the supervisory regulations. The non－GAAP adjustments to IFRS income and book values must be reported on the financial statements simultaneously. Consequently, a conflict may be emerged because the market participants could be confused with different two incomes. This study examines the incremental information－usefulness of these simultaneous disclosure of two different reported earnings and adjustments to equity market participants over IFRS－based net income and book values of equity. [Methodology] This study directly measure the incremental information－usefulness of the non－GAAP adjustments over IFRS－based income and book values by including the non－GAAP adjustments as additional, independent variables in a single model. I measure the net income adjustment as the provision of regulatory reserve for additional loan losses for the current year and the book value adjustment as the regulatory reserve for additional loan losses at the end of the current year. The IASB pronounced IFRS 9 which supersedes IAS 39 and replaces the incurred－loss model with the expected credit loss model. The expected credit loss model becomes effective beginning in 2018 again. Therefore, I examine the relative information－usefulness between Ex－ante and Ex－post of IFRS 9. [Findings] This study shows that the non－GAAP adjustments to IFRS net income do not have incremental information－usefulness over IFRS－based net income. I document that the disclosure period lacks consistent information－usefulness. My findings are consistent with Kim and Lee (2016) which shows that non－GAAP book value has lower value－relevance than IFRS－based book value. I fail to support the hypothesis which states that a simultaneous disclosure of two reported earnings has incremental information－usefulness relatively. [Implications] My findings have policy implications as well. Even though the non－GAAP adjustments contribute to making banks’ IFRS－based financial statements compliant with the banking supervisory regulations, their impact on the capital markets is trivial without significant incremental information－usefulness. My findings raise a cost－effectiveness issue from a policy point of view, specifically based on IFRS 9 and empirically support the transition to expected credit loss model. However, this study is limited to the Korean banks and may not be generalizable to other jurisdictions.