IFRS 도입과 재보험자산의 가치관련성 변화

This paper studied the change in value relevance of reinsurance assets with changed classifications due to the adoption of IFRS. Reinsurance assets represent the policyholder's rights under reinsurance contracts, and prior to IFRS, this was presented in the form of a deduction from the insurer's policy reserve as a reinsurance ceded reserve. However, after IFRS adoption, reinsurance assets were recognized as assets subject to recognition of impairment. In this study, it was analyzed whether this presentation change caused a change in the value relevance of the item. The analysis results showed that the value relevance of reinsurance assets was changed by IFRS adoption. Before IFRS adoption, reinsurance ceded reserve was found to be a significant variable that had a positive (+) effect on a firm's value, but the reinsurance asset coefficient was found to be negative without significance after IFRS adoption. These results highlight profit deterioration and losses in the reinsurance ceding sector because the risk diversification function was relatively underestimated by the change in the presentation of reinsurance assets. This paper is distinguished from previous studies as it reveals a change in the value relevance of reinsurance assets caused by a change in presentation due to the adoption of IFRS without changing their essential attributes.