과거기간 법인세의 당기조정처리가 이익정보 유용성에 미치는 영향

초록

The purpose of this paper is (1) to perform the descriptive analysis for the disclosure on ‘any adjustments recognized in the period for current tax of prior periods’ and (2) to empirically examine the impact of tax adjustment on the usefulness of earnings information using the association study framework. Because the existing literature in the research field of income tax has primarily focused on deferred tax-related issues, much attention has not been paid to the current adjustment for prior period income tax, relatively. The current adjustment for prior-period income tax is one of major components involved with the determination of tax expense. Thus, it would be helpful to discuss the disclosure practice and accounting issues of the tax adjustment in extending our understanding of tax accounting. The results of this paper are as follows. First, the amounts of tax adjustment are widely distributed and fairly high. The tax adjustment is prevalent in practice and is disclosed in less clear fashion. Second, the current adjustment for prior period income tax significantly negatively affects the association between abnormal returns and abnormal earnings (i.e., the earnings response coefficient). In addition, it is found that both the possible involvement in corporate fraud and the disclosure clarity are the factors that significantly affect the relation between the earnings response coefficient and the current adjustment for prior period income tax. The additional analysis based on disclosure frequency shows that the disclosure frequency measured by firm significantly negatively affects the earnings response coefficient.

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