공정가치측정 기준서(K-IFRS 제1113호) 시행이 금융상품의 가치관련성에 미치는 영향

This study examines whether fair value measurement (K-IFRS 1113) enhances the quality of fair value accounting information for financial companies. We hypothesize that the changes in measurement criteria and expanded disclosure of fair value financial assets and liabilities required by the K-IFRS 1113 increase value relevance of lower-level fair value net assets. Empirical findings generally support our expectation. The results suggest that the implementation of K-IFRS 1113 improves explanatory power and pricing multiples on fair value financial assets and liabilities, and this improvement of value relevance is most prominent for level 2 financial assets and liabilities measured at both fair value and amortized cost. This study contributes to the literature by providing evidence that K-IFRS 1113 effectively improves the quality of fair value accounting information.