首次適用IFRS財報資訊之評價差異與IFRS開帳日財報揭露遵循之研究－以台灣上市公司為例

The Market Valuation of IFRS versus ROC GAAP Accounting Measurements and the Compliance of the Disclosure Requirements for the First-Time Adoption of IFRS-the Case of Taiwan Listed Companies

鄭淳璟(CHUN-JING CHENG)

指導教授 ： 李淑華

國立臺北大學/商學院/會計學系/碩士(2014年)

摘要

爾來IFRSs已成為全球資本市場之主要會計準則，直接採用IFRSs亦成為國際資本市場之趨勢，我國行政院金融監督管理委員會（金管會）於2009年5月14日公布「我國企業採用IFRSs之推動架構」，規劃我國將逐號對國際財務報導準則進行翻譯，並經過一定複核程序後對外公布，作為企業編製財報之依據。依據IFRSs編製之財務報表可加強國內企業及國際企業間財務報告之比較性，提升我國資本市場之國際競爭力並吸引外資投資國內資本市場，同時降低國內企業赴海外籌資之成本。
為因應在2013年台灣上市櫃公司將全面採用IFRSs，基於比較財務報表之需，行政院金管會於2010年2月2日發布金管證審字第0990004943號函釋規範採用IFRSs前一年之期中及年度財務報告附註應揭露事項，內容包括採用IFRSs計畫之重要內容及執行情形、目前會計政策與未來依IFRSs編製財務報告所使用之會計政策二者間可能產生之重大差異、公司依國際會計準則第一號公報IFRS1首次採用國際會計準則規定所選擇之會計政策。
本研究針對台灣上市公司轉換為IFRSs前一年度之財務報告資訊，探討兩項議題：
一、依據金管會第0990004943號函釋第二項之規範，彙整2012年第一季財務報表於採用IFRSs前一年度上市公司之財務報表揭露的實務遵循情況。
二、2012年同時包含ROC GAAP與IFRSs相關之會計資訊，以Ohlson評價模型進行分析，比較與觀察市場對ROC GAAP與IFRSs會計資訊之評價反應；以及檢測「本期綜合損益」資訊對股價評價之影響。有關市場評價反應之測試包含：ROC GAAP與IFRSs兩者規範下之「本期損益」會計資訊對公司股價解釋能力有無差異、「本期其他綜合損益」之會計資訊對公司股價有無增額解釋能力，以及資本市場對「本期其他綜合損益」之資訊如何評價。
本研究實證結果彙總如下：
1.在遵循政院金管員會金管證審字第0990004943號函釋第二項編製IFRSs影響數揭露情況方面，有揭露2012年1月1日財務狀況表達成率最高，高達95.53%；揭露2012年3月31日IFRSs財務狀況表與2012年第一季IFRSs損益表則分別為78.23%及77.49%，但在揭露2012年第一季IFRSs綜合損益表方面，達成率則僅有36.32%，顯示台灣上市公司在提供轉換IFRSs之相關資訊並未完全遵循金管會函釋之規定，資本市場與投資人可能無法由2012年第一季季報資訊即時獲得IFRSs採行後相關之綜合損益會計資訊。
2.依據2012年上市公司2012年第一季季報揭露，其選用選擇性豁免項目之彙整，選用員工福利豁免項目的公司最多，高達91.47%選擇適用；選用累計換算調整數豁免項目的公司次多，有62.34%；其次為選用企業合併豁免項目的公司列為第三高項目，有48.43%；選用認定成本豁免項目為第四高，有44.88%；選用股份基礎給付豁免項目為第五高，有37.14%；選用金融工具之指定豁免項目為第六高，有16%；以權益工具消滅金融負債、保險合約、嚴重高度通貨膨脹與投資子公司、聯合控制個體及關聯企業此四項選擇性豁免項目，並無上市公司選擇採用。
3.第二部份有關2012年ROC GAAP與IFRSs會計資訊評價反應之實證結果如下：
(1)IFRSs之異常盈餘及權益淨值之皆與股價呈顯著正相關，顯示IFRSs規範下之權益帳面價值與異常盈餘資訊對股價評價具有價值攸關性。
(2)比較ROC GAAP與IFRSs會計資訊之評價差異，顯示投資人對於異常盈餘與權益淨值之評價並未存在顯著差異。
(3)ROC GAAP之異常綜合損益、權益淨值與本期其他綜合損益（以ROC GAAP會計資訊自行計算）皆與市值為顯著正相關，顯示投資人對ROC GAAP之異常綜合損益與自行計算之ROC GAAP本期其他綜合損益資訊之評價顯著為正，即ROC GAAP雖然未編列綜合損益表，但投資人仍可由ROC GAAP之財報資訊獲得本期其他綜合損益資訊，未固著於財務表表之表達形式。
(4)IFRSs之異常綜合損益、權益淨值與本期其他綜合損益會計資訊皆與市值為顯著正相關，顯示投資人對IFRSs之異常綜合損益與IFRSs本期其他綜合損益之評價顯著為正，即IFRSs之本期綜合損益資訊具有價值攸關性。

關鍵字

國際財務報導準則 ； 台灣一般公認會計準則 ； 本期其他綜合損益 ； 會計原則遵循狀況 ； Ohlson模型

並列摘要

The adoption of IFRS as issued by the International Accounting Standards Board (IASB) by many jurisdictions has the potential to result in the application of a common set of financial reporting standards in global. May 14, 2009, the Financial Supervisory Commission ROC (FSC) published “the framework to fully adoption of IFRSs”, which states the due process of Taiwan’s full adoption of IFRSs. The preparation of financial statements in accordance with IFRS improves the comparability of financial statements between domestic enterprises and international companies, enhances the international competitiveness in global capital market, and furthermore, reduces the cost of capital when domestic enterprises need to finance from abroad. In response to first adoption of IFRSs in 2013, FSC published an Explanatory Note No. 0990004943 on February 2, 2010, which requires listed companies should disclose the content and implement of adoption of IFRS plan, the material difference of the accounting policy between ROC GAAP and IFRS, and the selected accounting policies based on the requirement of International Accounting Standards No.1 (IAS 1, First time adoption of International accounting standards) in their interim and annual financial Statements in the year before adopting IFRS (2012). This disclosure requirement is termed the Pre-disclosure Requirement.
This study discusses two issues. First, according to the requirement of Explanatory Note No. 0990004943, I examine the pre-disclosure made by listed companies to know whether this Pre-disclosure Requirement is fully compliant. Second, since there exits two sets of financial statements (ROC GAAP and IFRS) in the year 2012, this study intends to examine the difference of valuation relevance for the two set of accounting information under ROC GAAP and under IFRS. The empirical results are summarized as follows:
1.The percentage of firms disclosing the statement of financial position under IFRSs on January 1, 2012 and March 31, 2012 are respectively 95.53% (the highest) and 78.23%. The percentage of firms disclosing income statement and comprehensive income statement for the first quarter of 2012 are respectively 77.49% and 36.32% (the lowest). According to these statistics, it seems that Pre-disclosure Requirement of comprehensive income statement is not fully compliant by all listed companies and the investors may not be able to obtain relevant information about the comprehensive income under IFRSs for the first quarter in 2012.

2.Based on the disclosure of the first quarter financial statement of Taiwan listed companies in 2012, companies choose the items of selected exemption by themselves, including employee benefits exemption (up to 91.47% of listed companies), optional exemptions cumulative translation adjustment (62.34%), business combination exemption (48.43%), deemed cost exemption (44.88%), share-based payment exemption (37.14%) and financial instruments designation exemptions (16%). Four kinds of exemptions are not chosen by companies, including extinguishing financial liabilities with equity instruments, insurance contracts, severe high inflation and investments in subsidiaries, jointly controlled entities and associated companies.

3.About the difference of valuation relevance for the two set of accounting information under ROC GAAP and under IFRS in 2012, the empirical results are as follows:
(1)Abnormal earnings and equity under IFRS are a significantly and positively correlated with the market value, which indicates that the information of abnormal earnings and equity under IFRS have value relevance.
(2)There are no significant difference in value relevance for abnormal earnings and equity valuation under ROC GAAP and under IFRSs.
(3)Abnormal comprehensive income, equity and current other comprehensive income under ROC GAAP are also significantly and positively correlated with the market value. Although the comprehensive income statement is not required under ROC GAAP, investor can obtain the information of current other comprehensive income from the equity part of statement of financial position. It seems that the investors are not functionally fixated.
(4)Abnormal comprehensive income, equity and current other comprehensive income under IFRS are significantly and positively correlated with the market value, which indicates that the information of current other comprehensive income under IFRS has value relevance.

並列關鍵字

International Financial Reporting Standards ； ROC GAAP ； other comprehensive income for the period ； disclosure compliance ； Ohlson model

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