Empirical Study on the Economic Consequences of IFRS Adoption

2018 Fiscal Year Final Research Report

• Project/Area Number: 17H06689
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Single-year Grants
• Research Field: Accounting
• Research Institution: Hitotsubashi University
• Principal Investigator: KIM Jonghoon 一橋大学, 森有礼高等教育国際流動化機構, 助教 (10801566)
• Project Period (FY): 2017-08-25 – 2019-03-31
• Keywords: 国際会計基準 / IFRS / 経済的帰結 / 会計情報の情報的役割 / 会計情報の契約的役割

Outline of Final Research Achievements

The purpose of this study is to investigate the economic consequences of voluntary adoption of IFRS of Japanese firms empirically, focusing on its impacts on informational- and contractual role of accounting information. My study has been documented that the voluntary adoption of IFRS by Japanese firms has both pros and cons. In one hand, I have documented that firms that have adopted IFRS are proactively eliminating cross-holdings to reduce the factors that hinder dialogue with investors after the adoption. Moreover, it has been showed that information asymmetries between investors could become reduced for the large-sized-firms. On the other hand, I also documented that the adoption of IFRS could deteriorate both the value- and credit- relevance of earnings information. In addition, it has been showed that information asymmetries between investors could become worsen for the small-sized-firms by voluntary adopting IFRS.

Free Research Field

会計学

Academic Significance and Societal Importance of the Research Achievements

本研究の意義は、IFRSを巡って今後予想される、日本の会計基準の設定に対して一定の示唆を与えているという点にある。近年、IFRSを巡る世界中の機運の高まりを受けて、日本政府はIFRSを日本企業に強制適用するべきか否かの判断の必要性に迫られている。したがって、本研究で得られた、IFRS任意適用の経済的帰結についての会計情報の情報的役割および契約的役割の両方に関する実証的な証拠は、IFRS任意適用の解禁といった日本における近年の会計制度の変化に対する事後的評価を行う上で、また、日本企業に対するIFRSの強制適用の是非に関する議論を行う上で、有益な経験的な証拠の蓄積に貢献するものである。