The effects of IFRS on net income and earnings components: value relevance, persistence, and predictive value

• M. Fuensanta Cutillas Gomariz ^[1] ; Juan Pedro Sánchez Ballesta ^[1] ; José Yagüe ^[1]
  1. [1] Universidad de Murcia

     Universidad de Murcia

     Murcia, España

     
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 45, Nº 3, 2016, págs. 365-388
• Idioma: inglés
• DOI: 10.1080/02102412.2016.1198562
• Títulos paralelos:
  • Efectos de las NIIF en el resultado y sus componentes: relevancia valorativa, persistencia y capacidad predictiva
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• Dialnet Métricas: 6 Citas
• Resumen
  • español

    En el presente trabajo examinamos si el cambio a las NIIF (Normas Internacionales de Información Financiera) ha afectado a la relevancia valorativa y la persistencia del resultado del ejercicio. Además, como la adopción de las NIIF ha conllevado cambios en la estructura de la cuenta pérdidas y ganancias en relación con los resultados no recurrentes, analizamos también la influencia de este cambio sobre la relevancia valorativa, persistencia y capacidad predictiva de los distintos tipos de resultado. Utilizando una muestra de empresas españolas, encontramos un incremento en la relevancia valorativa del resultado del ejercicio y no evidencia significativa de cambios en su persistencia. También hallamos que los resultados no recurrentes presentaban relevancia valorativa antes de la adopción de las NIIF y una mayor relevancia valorativa del resultado de explotación tras las NIIF, lo que sugiere que el incremento en la relevancia valorativa del resultado de explotación podría ser explicado por la inclusión en el mismo, tras la adopción de las NIIF, de parte de estos resultados no recurrentes. También observamos que la antigua sección de resultados extraordinarios era persistente, mientras el resultado de operaciones discontinuas neto de impuestos no muestra relevancia valorativa ni persistencia. No encontramos cambios significativos en los atributos del resultado financiero, pero sí un incremento en la relevancia valorativa del impuesto de beneficios y otras partidas consolidadas tras la adopción de las NIIF.

  • English

    We examine whether the switch to IFRS (International Financial Reporting Standards) has affected the value relevance and persistence of net income. In addition, since IFRS adoption has involved changes in the location of nonrecurring items in the income statement, we also examine whether these changes have influenced the value relevance, persistence, and predictive value of the main income measures. Using a sample of Spanish listed firms, we find an increase in the value relevance of net income and non-significant changes in its persistence after 2005. We also find that nonrecurring items were value relevant in the pre-adoption period and that the operating income is more value relevant after IFRS adoption. This suggests that the significant increase in the value relevance of operating income could be explained by the inclusion in this income measure of former extraordinary and special items. We also observe that the former extraordinary section under SAS (Spanish Accounting Standards) was persistent, whereas the income measure of net profit/loss from discontinued operations under IFRS is neither value relevant nor persistent. We do not find significant changes in the attributes of financial income, but we do observe an increase in the value relevance of other consolidated items and corporation tax after IFRS adoption.

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