당기손익 재분류 여부에 따른 기타포괄손익 항목의 구분 표시가 가치관련성에 미치는 영향 (Value Relevance of the Classified Presentation of Other Comprehensive Income Based on the Subsequent Reclassification to Profit or Loss)

서지정보

· 발행기관 : 한국회계학회
· 수록지 정보 : 회계저널 / 24권 / 3호 / 111 ~ 142페이지
· 저자명 : 정수진, 신현걸

초록

한국채택국제회계기준(K-IFRS) 제1001호 ‘재무제표 표시’가 2012년에 일부 개정되어 2013년부터 기타포괄손익을 포괄손익계산서에 표시할 때 후속기간에 당기손익으로 재분류되는 기타포괄손익과 후속기간에 당기손익으로 재분류되지 않는 기타포괄손익으로 구분표시하도록 규정하였다. 이러한 개정은 기타포괄손익을 구분표시함으로써 기타포괄손익이 당기손익에 미치는 영향을 이해하고 예측하는데 도움을 줄 수 있을 것이라는 국제회계기준위원회(IASB)의 견해를 따른 것이다.
본 연구는 우리나라의 상장기업을 대상으로 2013년부터 개정된 K-IFRS 제1001호를 적용함으로써 기타포괄손익 항목을 후속기간의 당기손익 재분류 여부에 따라 구분표시하면 기타포괄손익의 가치관련성이 증가하는지 검증하였다. 또한 당기손익에 영향을 미치는 기타포괄손익은 후속기간에 당기손익으로 재분류되는 기타포괄손익이므로, 후속기간에 당기손익으로 재분류되는 기타포괄손익과 재분류되지 않는 기타포괄손익의 가치관련성 간에 차이가 존재하는지도 검증하였다.
연결재무제표에 기초한 996개 기업-연 표본기업을 대상으로 Ohlson(1995) 모형을 적용하여 회귀분석한 결과, 기타포괄손익을 후속기간에 당기손익으로 재분류되는 항목과 재분류되지 않는 항목으로 구분표시하면 구분표시하지 않은 경우에 비해 주가와의 관련성이 유의하게 더 높으며, 당기손익으로 재분류되는 기타포괄손익의 주가관련성이 당기손익으로 재분류되지 않는 기타포괄손익의 주가관련성보다 유의하게 더 높다는 증거를 발견하였다. 이러한 연구결과는 기타포괄손익의 구분표시로 인하여 기타포괄손익이 당기손익에 미치는 영향을 이해하고 예측하는데 도움을 줄 수 있을 것이라는 IASB의 개정 취지를 지지하는 결과이다.

영어초록

The Korean-International Financial Reporting Standards(K-IFRS) No. 1001 'Presentation of Financial Statements' revised in 2012 requires the items of other comprehensive income(OCI) to be classified into items that will be reclassified(recycled) to profit or loss(reclassified OCI) and items that will not be reclassified to profit or loss(non-reclassified OCI) in subsequent periods. This revision is led by the International Accounting Standards Board(IASB)'s opinion that the classified presentation of OCI on the comprehensive income statements could help the accounting information users to understand and predict the net income.
While the prior foreign researches have not found the consistent results that the OCI has the positive relation with stock price, the Korean researches have found the consistent results that the OCI has the significantly positive relation with stock price. This study examines whether the revision of the K-IFRS No.1001 enhances the value relevance of OCI of the Korean listed companies and whether there is a significant difference of the value relevance between the reclassified OCI and non-reclassified OCI.
Until 2012 the Korean listed companies adopting the K-IFRS have not made a classified presentation of the OCI based on the subsequent reclassification to profit or loss. However, the revised K-IFRS No.1001 requires the Korean listed companies to follow the classified presentation of the OCI on the comprehensive income statements from 2013. If the classified presentation is to help the users to understand and predict the net income, the value relevance of the OCI for the periods of the classified presentation would be significantly higher than that for the prior periods. Also since the only reclassified OCI may affect the net income, the value relevance of the reclassified OCI would be significantly higher than that of the non-reclassified OCI. If the classified presentation of the OCI does not enhance the value relevance or there is not a significant difference of the value relevance between the reclassified OCI and non-reclassified OCI, we would conclude that the revised presentation of the comprehensive income statements cannot provide the users with more useful information to predict the future effects of the net income.
We address the above research questions using a sample of 996 OCIs from the consolidated financial statements of Korean listed companies. As many previous studies have applied, we also has used the Ohlson(1995)'s research model to verify the value relevance of the OCI. Based on the Ohlson's research model we establish the regression model having the stock price as the dependent variable, and the interaction terms with the two types of OCI(reclassified and non-reclassified) and year dummy as the independent variables. The significant estimated coefficients of the interaction terms may indicate that the value relevance of the OCI increases after classified presentation and there is a value relevance difference between the two types of the OCI.
Findings from the regression analyses indicate that the value relevance of the OCI is enhanced after the OCI is presented on the comprehensive income statements based on the subsequent reclassification. Also we find that the value relevance of the reclassified OCI is significantly higher than that of the non-reclassified OCI. These results support the IASB's opinion that the revision of presentation of OCI can help th accounting information users to understand and predict the net income.
As additional tests we analyse the value relevance of the individual OCI. Among reclassified OCIs the gains or losses on remeasuring available-for-sale financial assets have the most significantly positive correlation with stock price, while among non-reclassified OCIs the gains or losses on revaluation have the most significantly negative correlation with stock price. Also we test further the value relevance of the OCI by using the separate financial statements data. Taken as a whole the findings are consistent with those using the consolidated financial statements. However the findings on the individual OCI of the separate financial statements are slightly different from those on the consolidated financial statements. It indicates that the future research in Korea should be based on the consolidated financial statements rather than on the separate financial statements since the main financial statements are the consolidated financial statements under the IFRS and almost all the foreign researches use the consolidated financial statements data.
This study is the first research to examine the value relevance of the OCI reclassification and the difference in the value relevance between the reclassified OCI and non-reclassified OCI. Also, this study is differentiated from the previous ones as it has collected manually the individual items of OCI not served from the database since the IFRS adoption, and it focuses on the value relevance of the consolidated financial statements as well as the separate financial statements. However we cannot expand the test periods beyond 2013, so it has a limitation to generalize the results of this study. We expect resolve this limitation for the future research.

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