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Value Relevance of Comprehensive Income for the Canadian Market*
Accounting Perspectives Pub Date : 2020-08-16 , DOI: 10.1111/1911-3838.12235
Abderrahmane Djaballah 1 , Anne Fortin 2
Affiliation  

The value relevance of comprehensive income (CI) compared to net income (NI) remains unresolved. We look at this issue in the Canadian market, using association methods to determine the value relevance of reporting CI and other comprehensive income (OCI) components for stock prices and returns. The sample consists of all the firms in the S&P/TSX Composite Index that prepared their financial statements according to Canadian standards or International Financial Reporting Standards (IFRS) over the 2008–2016 period. Although we find no evidence that CI is more value relevant than NI for stock prices and returns, we note that some OCI components are incrementally value relevant beyond NI for both amounts. In addition, financial services firms differ from other companies in terms of the relationships between some of their OCI components and prices or returns, with such firms even driving some relationships. Relationships between OCI components and prices or returns are also affected when data from the financial crisis period are excluded, with some relationships even changing after IFRS adoption. These results inform Canadian standard setters and financial statement users that OCI components are decision useful for the Canadian market.

中文翻译:

加拿大市场综合收入的价值相关性*

综合收益(CI)与净收益(NI)的价值相关性仍未解决。我们使用关联方法确定报告CI和其他综合收益(OCI)成分对股票价格和回报的价值相关性,从而研究了加拿大市场中的这一问题。该样本包括S&P / TSX综合指数中所有根据2008-2016年期间根据加拿大标准或国际财务报告标准(IFRS)编制财务报表的公司。尽管我们没有发现证据表明CI在股票价格和回报方面比NI具有更多的价值相关性,但我们注意到,在两种金额之外,OCI的某些组成部分在NI之外都具有递增的价值相关性。此外,金融服务公司在某些OCI组件与价格或回报之间的关系方面与其他公司不同,这些公司甚至推动了某些关系。当排除金融危机时期的数据时,OCI成分与价格或回报之间的关系也会受到影响,有些关系甚至在采用IFRS之后也会发生变化。这些结果告诉加拿大标准制定者和财务报表使用者,OCI组件对于加拿大市场很有用。
更新日期:2020-08-16
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