수익비용대응이 이익적시성과 정보비대칭에 미치는 영향

초록

Recently, K-IFRS was adopted in Korea and this new accounting standards emphasize the statement of financial situation. Under the newly adopted accounting rules, we study how this change affects the revenue and expense recognition, the income statement relation and its implications of this recognition. In the preparation of financial statements, current revenue and expenses should be recognized neutrally. However, due to the characteristics of various corporate environments and flexible accounting standards, it is possible for managers to differentiate the revenue and expenses recognition. Managers can recognize the revenue and expenses discretionally and it could affect market participants and influence their decisions. If a company recognizes the revenue and expenses not properly and instead mismatches them in other periods, the economic events of the current period cannot be reported correctly and lose the information implications of it. As a result, market participants who use accounting information of companies with the well matched revenue-expenses recognition can make better decisions. However, market participants using accounting information of companies with the poorly matched recognition cannot adequately digest and interpret the events. Therefore, we expect that earning quality and information environment of the poorly matched firms deteriorate. Specifically, this study examines the effect of the revenue-expenses matching on earnings timeliness and information asymmetry. Following the research model of Dichev and Tang (2008), we measure the level of the revenue-expenses matching. The results of our empirical analyses are as follows. First, it shows that the revenue-expenses matching positively affects earnings quality. Earnings of firms with a higher level of the revenue-expenses matching are reflected in the market in a more timely manner. Second, we also find firms with a higher level of matching enjoy lower information asymmetry in the market. These results suggest that the level of the revenue- expenses matching positively affects earnings quality and reduces information asymmetry. Our results show the importance and implications of the revenue-expenses matching for accounting standards setters and accounting practitioners.

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