부산대학교 도서관

본 연구는 IASB 공개초안에서 제시된 ‘재무제표 표시와 공시’(K-IFRS 1001호, IAS1)의 변화가 국내 기업의 영업이익에 미치는 영향을 분석하였다. 국제회계기준위원회는 ‘일반적 표시와 공시’에 대한 공개초안(exposure draft)을 발표하였으며 IAS1 ‘재무제표 표시와 공시’를 대체하는 최종기준서를 공표할 예정이다. IASB의 공개초안에 따르면 투자범주와 재무범주를 먼저 정의하고 금액을 도출한 다음, 영업이익을 다른 범주에 포함되지 않는 모든 손익인 ‘잔여이익’의 개념으로 측정한다. 현행 K-IFRS 제1001호 영업이익 규정에 따르면 기업은 수익에서 매출원가 및 판매비와관리비(물류원가 등을 포함)를 차감한 영업이익을 포괄손익계산서에 구분하여 표시하여 야 한다. 따라서 새로운 기준을 적용한 잔여범주로서의 IASB 공개초안 영업이익은 현행 K-IFRS 영업이익과는 다른 이익속성을 지닐 것이며 상이한 정보를 시장에 전달할 것이므로 각 기준의 영업이익이 내포하는 회계정보 유용성은 다르게 나타날 것이다. 이를 검증하기 위하여 본 연구는 2012년부터 2019년까지 우리나라 상장기업을 대상으로 K-IFRS에서 정의되고 사용된 영업이익과 IASB가 공개초안에서 제시한 잔여범주로서의 영업이익 간 가치관련성, 이익지속성, 이익반응계수, 미래현금흐름 예측력, 비교가능성을 비교분석하였다. 실증분석 결과, K-IFRS 영업이익이 공개초안 영업이익에 비하여 가치관련성과 이익지속성이 높았으며 미래현금흐름 예측력이 우수한 것으로 나타났다. 그러나 이익반응계수 차이분석에서는 각 기준의 회귀계수에 차이는 없었으나 공개초안 영업이익이 K-IFRS 영업이익에 비하여 상대적으로 정보효과가 더 높은 것으로 나타났다. 마지막으로 각 기준의 기업 간 비교가능성 차이분석에서 K-IFRS 영업이익의 비교가능성이 공개초안 영업이익의 비교가능성보다 높은 것으로 나타났다. 본 연구는 ‘잔여’개념으로 표시되는 IASB 공개초안 영업이익을 설명하고 현행 K-IFRS 영업이익과의 차이를 비교분석한 결과를 제시함으로써 향후 회계기준의 변화를 이해하고 해석하는데 도움이 될 것으로 기대한다.
This study examines the effect of changes in ‘Presentation and Disclosure of Financial Statements (K-IFRS 1001, IAS1)’ proposed in the IASB’s exposure draft on the presentation of operating income for domestic entities. The International Accounting Standards Board issued an exposure draft for ‘General Presentation and Disclosures’ and will promulgate a final standard replacing IAS1 ‘Presentation and Disclosures’. Operating income has been regarded as a very important profit concept that measures corporate profitability along with net income. Depending on the situation, it is often considered as a more important profig concept than net income. Operating income is widely used for investor’s investment decisions, corporate performance evaluations, and credit ratings of financial institutions, and also there are many regulations based on operating income. Although it is not clear when the final IFRS will be completed and what will be included, the exposure draft alone is of great interest to the working world and academia in future developments amid considerable confusion, given that most of the exposure draft is reflected in the final IFRS. The IASB’s exposure draft heralds significant changes in the presentation of income statements. If the exposure draft for ‘general presentation and disclosures’ is finalized, the effect on Korea will be significant because the concept of operating income changes. Although there was no definition of operating income and whether to present it in the income statement was at the discretion of the firm in IFRS, the exposure draft of IASB requires that operating income be defined indirectly and presented as one of the subtotal in the income statement. According to the IASB’s exposure draft, investment categories and financial categories are defined and amounts are derived first, and then operating profit or loss is measured in the concept of ‘residual income’, which is all gains and losses that are not included in other categories. Under the current regulation relating to operating income in K-IFRS 1001, an entity is required to present operating profit or loss (sales less cost of sales and selling and administrative expenses including logistics costs) separately in the statement of comprehensive income. IASB’s exposure draft operating income as a residual under the new standard-to-be would convey different information to the market from K-IFRS operating income under the current standard. Consequently, the usefulness of accounting information embedded in operating income will differ in K-IFRS and IASB’s exposure draft. To evaluate the difference of usefulness of information and properties of earnings between K-IFRS and IASB’s exposure draft, we compared the value relevance, persistence of earnings, earnings response coefficients, predictability of future cash flows, and comparability between K-IFRS operating income and exposure draft operating income for listed companies in Korea for the year 2012 to 2019. Our empirical analyses show that K-IFRS operating income is more value-related, and has greater earnings persistence and better predictive ability of future cash flows than exposure draft operating income. However, in the analysis of difference in earnings response coefficients (ERC), overall information of exposure draft operating income is higher than K-IFRS operating income, although there is no statistical difference in the ERC between K-IFRS and IASB’s exposure draft. Lastly, in analysis of comparability, we find that comparability of K-IFRS operating income is higher than that of exposure draft operating income. It is inferred that the reason for the difference in operating profit in each of these standards is that K-IFRS operating income is uniformly calculated and similar to core operating profit, while IASB exposure draft operating income is more volatile as temporary and non-current items are included. The study expects to help understand and interpret future changes in accounting standards by explaining IASB’s exposure draft operating income as the concept of ‘residual’ income and comparing it with K-IFRS operating income.