국제회계기준이 이익조정 수준 및 수단에 미치는 영향

This study aims to analyze the impact of the adoption of Korea-International Financial Reporting Standards (K-IFRS) on the level and method of earnings management in firms. Specifically, earnings management is categorized into accrual-based earnings management (AEM) and real earnings management (REM), and the study empirically examines how the adoption of IFRS affects firms' accounting choices (level) and managers' earnings management behaviors (method). Additionally, firms with a high incentive for earnings management, particularly loss-avoiding firms, are separately analyzed to investigate the impact of IFRS adoption on their earnings management practices in greater depth. For this purpose, an empirical analysis was conducted on publicly listed firms in Korea (excluding financial firms) from 2003 to 2019. The results indicate that following the adoption of K-IFRS, AEM decreased, whereas REM—particularly earnings management through abnormal cash flows from operations (ABCFO)—increased. Furthermore, for firms suspected of earnings management, such as loss-avoiding firms, IFRS adoption resulted in a significant decrease in AEM but a notable increase in REM, with empirical evidence showing increased earnings management through ABCFO and abnormal selling, general, and administrative expenses (ABSGA). These findings suggest that while IFRS, as a principle-based accounting standard, constrains managerial discretion in accrual-based earnings management, it may also lead managers to prefer real earnings management, which is relatively less scrutinized by regulatory authorities.