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[Purpose] Accounting conservatism has been described as a protection of shareholders and
creditors through the results of several previous studies, and this can be considered as an
important protective measure to estimate the usefulness of accounting information for investors.
So the purpose of this study is to analyze whether there is a difference in accounting
conservatism between Korea and USA. Korea adopts International Financial Reporting
Standards, but the US currently has applied its own national standards. So there seems to be
a difference in the quality of accounting information according to different accounting
standards.
[Methodology] Data from Korean companies were obtained from the KISVALUE database, all
of which are listed companies, and US companies were obtained from Wharton research data
services (WRDS), using the COMPUSTAT annually updated data. These are all NYSE and
NASDAQ listed companies. The sample period is from 2007 to 2016. The research models for
examining the difference of accounting conservatism are three Ball and Shivakumar's(2005,
2006).
[Findings] First, both Korean firms and US firms showed accounting conservatism in the
overall sample. However, Korean firms were generally less conservative than US firms.
Second, Korean firms showed a less conservative tendency before IFRS adoption, but the
accounting conservatism after IFRS was strengthened. On the other hand, US firms showed a
strong tendency to be conservative in total period. And for both pre and post IFRS, US firms
are more conservative than Korean firms.
[Implications] The contribution of this study is that it analyzes the difference of two countries'
accounting quality in terms of accounting conservatism. Therefore, it can give meaningful
implications to information users who are considering of investment in Korea and US
companies, which have different standards. It is also important to point out that the analysis of the effect of IFRS on conservatism is also significant for US companies that are in the process
of introducing IFRS.