IFRS 도입 후 재무분석가는 이익예측에 경영자 예측정보를 더 많이 반영하는가?

This study investigates the impact of International Financial Rerporting Standard(IFRS) on the financial analyst’s use of management forecast in issuing earnings forecasts. Major changes by switching from K-GAAP to K-IFRS are to tighten fair value accounting, to extend managerial discretion in accounting choice and to report consolidated financial information, and thereby, the cost of analyst forecast increases. Based on this, we predict that the financial analyst’s reliance on the management’s private information would increase and examine the changes of analyst-managment forecast deviation in between pre and post IFRS period. We find that analyst-management forecast deviation decreases after IFRS adoption, and the decline is concentrated in the early years of IFRS adoption. It implies that the financial analyst’s use of the management forecast in issuing analyst forecast increases after the adoption of IFRS, but their reliance on the management’s private information lowers as time passes. This research contributes to the related literature by suggesting that the financial analyst, a professional of gathering and interpreting financial information, puts more value on management forecasts.