K-IFRS 제1041호 농림어업 도입 이후 생물자산이 재무제표와 주가관련성에 미친 영향

The Effect of Biological Assets on Financial Statements and Value Relevance after the Adoption of K-IFRS 1041 Agriculture

K-IFRS의 도입과 함께 생물자산에 대해서는 K-IFRS 제1041호 농림어업 이 적용됨에 따라 생물자산은 원칙적으로 취득시 순공정가치로 인식하며, 기간내에 발생한 생물자산평가손익은 같은 기간의 당기손익에 포함된다. 본 연구는 K-IFRS 제1041호 농림어업 의 적용이 해당 기업의 이익변동성에 미치는 영향과 생물자산의 공정가치 평가방법이 생물자산평가손익률의 크기와 변동성, 그리고 주가관련성에 미치는 영향을 분석한다. K-IFRS를 도입하고 생물자산을 인식한 국내 상장기업을 대상으로 한 실증분석 결과 생물자산에 대한 공정가치 반영 이후 생물자산평가손익으로 인하여 이익의 변동성이 증가하였다는 증거는 없었다. 그러나 생물자산평가손익률은 평가방법이 현금흐름할인법인 기업이 시장접근법인 경우보다 유의하게 크며, 생물자산평가손익률의 변동(표준편차)은 현금흐름할인법을 선택한 기업이 시장접근법을 선택한 기업보다 유의하게 작은 것으로 나타났다. 이는 공정가치의 추정시 주관적 개입이 많은 현금흐름할인법이 상대적으로 객관성이 확보되는 시장접근법보다 이익을 부풀리고 이익의 변동성을 줄이기 용이할 것이라는 가설을 뒷받침하는 결과이다. 한편, 생물자산은 주가와 유의한 관계를 보이지 않으며 공정가치 평가방법별로 생물자산의 주가관련성에도 유의한 차이는 발견되지 않았다. 이러한 결과는 투자자가 아직 생물자산의 공정가치에 대해 신뢰하지 않고 있으며 그로 인하여 생물자산의 주가관련성이 나타나지 않는 것으로 판단된다.

As Korean International Financial Reporting Standards(K-IFRS) 1041 Agriculture has been applied to biological assets with the adoption of International Financial Reporting Standards, biological assets should be measured at fair value less estimated costs to sell on initial recognition and at subsequent reporting dates, and changes in fair value less estimated point-of-sale costs during a period are included in profit or loss. The purpose of this study is to investigate the effect of the adoption of K-IFRS 1041 on earnings volatility and whether the change rate in fair value of biological assets, its volatility, and value relevance with stock price differ by fair value measurement method. Using the Korean listed companies that recognized biological assets in their statements of financial position in the period 2011-2013, this paper documents that there is no evidence that earnings volatility has been increased after the adoption of the K-IFRS 1041 unlike opponents of K-IFRS 1041 expected. We hypothesize that the companies using the discounted cash flow method show higher change rates in fair value of their biological assets than the companies using the market approach method since the discounted cash flow method which estimates the present value of expected net cash flows from biological assets is susceptible to subjective judgement in favor of the reporting company. Consistent with our hypothesis, the companies using the discounted cash flow method report higher change rates in fair value of biological assets and have lower volatility(standard deviation) in the change rates in fair value of biological assets than the companies using the market approach method. This indicates that the fair value of biological assets estimated by the discounted cash flow method leads to higher change rates in fair value with lower volatility than the market-determined prices. This result supports the argument that the discounted cash flow method is easier for management to manage earnings and to reduce earnings volatility than the market approach method. Biological assets are not associated with stock prices, and fair value measurement methods do not affect the degree of value relevance. No evidence of relevance between biological assets and stock prices seems to be due to low reliability in fair value of biological assets. Certain limitations of our study should be noted. As our sample consists of the listed Korean companies that recognized biological assets in their financial statements in the period of 2011-2013, we could not use sufficient numbers of companies. However, this research contributes to the literature on accounting for biological assets by presenting the first empirical results after the adoption of K-IFRS 1041 in Korea and by analyzing the impact of K-IFRS 1041 on financial statements and value relevance between different fair value measurements.