IFRS 18 영업손익은 이익반응계수를 향상시키는가?: 효과성에 대한 예비적 증거

This study examines the potential value relevance of operating income under IFRS 18, which mandates explicit presentation of operating income in the income statement and detailed disclosure of management-defined performance measures in the notes, effective January 2027 . Unlike other countries, Korea has traditionally reported operating income in the income statement even after the introduction of K-IFRS, so there is market skepticism about whether IFRS 18 will have incremental effects when applied in Korea. Therefore, this study measures and compares the earnings response coefficients for two types of operating income to preliminarily assess whether IFRS 18 operating income can show greater value relevance than the current K-IFRS 1001 operating income. The results of the empirical analysis are summarized as follows. First, IFRS 18 operating income showed a significantly larger earnings response coefficient than K-IFRS 1001 operating income. Second, the earnings response coefficient for IFRS 18 operating income (K-IFRS operating income) showed greater (smaller) sensitivity in companies with a large proportion of intangible assets. These results suggest that operating income reported in accordance with IFRS 18 can at least demonstrate greater value relevance than the current K-IFRS operating income, and that the usefulness of valuation using the residual income model is likely to be enhanced, especially for firms with a large proportion of intangible assets. Overall, the findings are expected to mitigate concerns regarding the benefits and implementation costs of IFRS 18 adoption and contribute to improving investor valuation practices.