The Effect of International Financial Reproting Standard (IFRS) on
The Value Relevance of Intangible Asset and Goodwill
Nurina Laili and Zahroh Naimah
1
1
Faculty of Economics and Business, Universitas Airlangga, Surabaya, Indonesia
zahrohnaimah@yahoo.com
Keywords: Accounting Earnings, Book Value, Goodwill, Intangible Asset, Market Value Of Equity, IFRS.
Abstract: This study aimed to examine the value relevance of accounting earnings, book value of equity, goodwill,
and intangible asset and the effect of International Financial Reporting Standard (IFRS) on the value
relevance of accounting earnings, book value of equity, goodwill, and intangible asset. The study was
conducted at the manufacturing companies listed on Indonesian Stock Exchange in the period 2008-2009
and 2012-2013 with 128 companies for four years. The hypothesis is tested by regression analysis. The
results show that accounting earnings, book value, and goodwill have significant effect on the market value
of equity, but intangible assets do not affect market value significantly. Then, the results of IFRS as
moderated variable showed that IFRS has a significant influence on the value relevance of accounting
earnings, while IFRS do not affect significantly on the value relevance of book value, goodwill, and
intangible asset.
1. INTRODUCTION
Indonesia has adopted International Financial
Reporting Standard (IFRS) starting January 1, 2012,
with the implementation of IFRS that was done
gradually starting January 1, 2010. IFRS as
principles-based standards can improve the value
relevance of accounting information because of the
use of fair value in the measurement can reflect the
firm’s financial position and performance so can
help investors in making investment decisions (Bart
et al., 2008). Study of Ledoux and Cormier (2013)
about the effect of intangible assets and goodwill on
company’s market valuation with the adoption of
IFRS as moderating variable in Canada, showed that
the value relevance of intangible assets improved as
the adoption of IAS 38: Intangible Assets.
Intangible assets are an important intellectual
capital components with real impact on company
(Stanfield, 1999 in Soraya (2013)). One of the roles
of intangible assets on the firm is the innovation of
developing new technology that can help the
efficiency of company’s operations. Therefore,
intangible assets should also receive the attention as
of tangible assets have in their process,
measurement, and presentation. In
Abdolmohammadi’s survey (2005), it was proven
that the amount of intangible assets disclosure in
annual report affects the company’s market
capitalization.
The purposes of this study are two. First, to
examine the value relevance of accounting earnings,
book value of equity, intangible assets and goodwill.
Second, to find out whether IFRS convergence
affects the value relevance of accounting earnings,
book value of equity, intangible assets and goodwill.
2. LITERATURE REVIEW AND
HYPOTHESIS
2.1. The Value Relevance of Accounting
Information
An information is relevant if it can be used by user
of financial statement in making decisions. The
value relevance of accounting information is usually
examined by analyzing the association of accounting
information, such as earnings, cash flow, accruals
with market variables. (Barth et al., 1998;
Burgstahler and Dichev, 1997; Collins et al., 1997;
150
Laili, N. and Naimah, Z.
The Effect of International Financial Reproting Standard (IFRS) on The Value Relevance of Intangible Asset and Goodwill.
In Proceedings of the Journal of Contemporary Accounting and Economics Symposium 2018 on Special Session for Indonesian Study (JCAE 2018) - Contemporary Accounting Studies in
Indonesia, pages 150-158
ISBN: 978-989-758-339-1
Copyright © 2018 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
Collins et al., 1999; Francis and Schipper, 1999; Ely
and Waymire, 1999; and Ali and Hwang, 2000).
To examine that an information has value
relevance, if it has a predicted relationship with
market value of equity (Amir et al, 1993, Beaver,
1998). To assess whether an information is relevant
and useful to users of financial statements in
assessing a company, accounting information has a
significant (predictable) relationship with stock
prices (Barth et al, 2001).
2.1.1. The Value Relevance of Accounting
Earnings
Earnings derived from the income statement is a
reflection of the company's business results in
empowering its resources. Some previous studies
proved that market value of equity is related to
accounting earnings (Ball and Brown, 1968; Collins
and Kothari 1989; Barth et al. 1992).
In simple earnings capitalization model, stock
price is expressed as a function of earnings or the
components of earnings under the assumption that
earnings reflect information about expected future
cash flows (Bowen 1981; Daley 1984; Olsen 1985;
Kothari 1992; Kothari and Zimmerman 1995).
Thus the proposed hypothesis is:
H1: Accounting earnings influence market
value of equity
2.1.2 The Value Relevance of Book Value of
Equity
The book value of equity has a role that can not be
ignored in its effect on stock prices, since the book
value of equity is also a relevant factor in explaining
the equity value. The previous test results on the
combined earnings and book value of equity showed
that accounting earnings and book value of equity
have a positive effect on stock prices. Naimah and
Utama (2007) summarize that testing of combined
value relevance of accounting earnings and book
value of equity by some researchers is much
motivated by the results of Feltham and Ohlson
studies (1995, 1996) that related book value of
equity and earnings with stock price. Naimah and
Utama (2007) and Kusumo and Subekti (2013)
concluded that main findings of that study indicated
that earnings and book value of equity are
significant factors affecting stock prices.
Based on the description and the results of
previous research, the hypothesis that can be
proposed is:
H2: The book value of equity influence market
value of equity
2.1.3. The Value Relevance of Intangible
Assets and Goodwill
Ledoux and Cormier (2013) research is aimed to
determine whether the value relevance of intangible
assets increases with the adoption of IAS 38 on
Intangible Assets. The results showed that adoption
of IAS 38 increases value relevance of intangible
assets and decreases the value relevance of voluntary
disclosure on R & D. Furthermore, in this study,
accounting earnings, net book value, goodwill and
intangible assets are also seen to affect the value of
equity markets. Investors pay attention to cash flow
generated by the company in the future related to
goodwill, and also consider the book value of
goodwill and intangible assets as important
economic resources in determining the market value
of the firm. This study have a similarity with Ledoux
and Cormier (2013) research, on the use of market
value of equity as a dependent variable, and
accounting earnings, net book equity value, goodwill
and intangible assets as independent variables. Thus
the proposed hypothesis is:
H3a: Intangible assets influence market value
of equity
H3b: Goodwill influence market value of
equity
2.2 The Effect of IFRS on the Value
Relevance of Accounting
Information
IFRS as principles-based standards can further
improve the value relevance of accounting
information because fair value measurement can
reflect the position and performance of the company
so can assist investors in making investment
decisions (Kusumo and Subekti, 2013). Barth et al
(2006) and Amstrong et al. (2010) found that firms
that applying IAS have higher accounting quality
and more value relevance of accounting amount.
2.2.1. The Effect of IFRS on the Value
Relevance of Accounting Earnings
Hung and Subramanyam (2007) found that IAS
significantly increase the value relevance of earnings
and timeliness of accounting information. Amstrong
et al. (2010) found that firms that applying IAS have
more value relevance of accounting amount.
The Effect of International Financial Reproting Standard (IFRS) on The Value Relevance of Intangible Asset and Goodwill
151
3
Based on this, the proposed hypothesis is as
follows:
H4: The implementation of IFRS affects the value
relevance of accounting earnings
2.2.2. The Effect of IFRS on the Value
Relevance of Book Value of Equity
The book value of equity per share can be
interpreted as one of the proxies to calculate the
value relevance of information, so that the equity
value will increase in value relevance after IFRS is
adopted by the company. Kusumo and Subekti
(2013) showed that the value relevance of earnings
did not increase when adopting IFRS but the value
relevance of book value of equity is higher or
increased when the company adopted IFRS. Based
on the description and the results of previous
research, the hypothesis that can be proposed as a
temporary answer to the problem of this study are as
follows.
H5: The implementation of IFRS affects the value
relevance of book value of equity
2.2.3. The Effect of IFRS on the Value
Relevance of Intangible Asset and
Goodwill
Setijawan (2011) concludes that signal theory is
influenced by intangible assets because investors
perceive the existence of high intangible assets as a
positive signal. Ledoux and Cormier (2013), which
raise the topic of the influence of intangible assets
and goodwill on corporate market valuations by
IFRS adoption as a moderating variable in Canada,
indicated that the value relevance of intangible asset
improves as IFRS adoption of IAS 38 intangible
assets. So the hypothesis that can be proposed as a
temporary answer to the problems of this study are
as follows.
H6a: The implementation of IFRS affects the
value relevance of intangible assets
H6b: The implementation of IFRS affects the
value relevance goodwill
3. METHOD AND ANALYSIS
The population of this research is a manufacturing
company listed on Indonesia Stock Exchange (IDX)
period 2008, 2009, 2012, and 2013. The sample of
research is 128 companies for 4 years period of
study. The research variables consist of dependent
variable, independent variable, and moderating
vector.
1. Dependent variable. The dependent
variable in this study is equity market value
measured by the stock price at 3 months after
the end of the fiscal year, ie the closing price
of stock in March.
2. Independent variable. The independent
variables in this study are accounting
earnings, book value of equity, intangible
assets, and goodwill. The accounting earings
used in this study is earnings before
extraordinary item per share. The book value
per share is derived from the total equity
divided by the number of outstanding shares
(Kieso et al, 2011). This study refers to
Ledoux and Cormier (2013) research that
measures intangible assets using the book
value of intangible assets divided by the
number of outstanding shares and measures
goodwill using the book value of goodwill
divided by the number of outstanding shares.
3. Moderating variable, IFRS. This study
presents IFRS in the form of dummy
variables, where IFRS is a categorical
variable, in the regression model the variable
should be expressed as dummy variable by
giving code 0 (zero) or 1 (one) (Ghozali,
2013: 178).
The method of analysis used in this research is a
simple linear regression method and multiple linear
regression. This study examines how the influence
of independent variables in which accounting
earnings, book value of equity, intangible assets and
goodwill to the dependent variable of equity market
value with IFRS as moderating variable at
manufacturing companies listed on the Stock
Exchange. To see the effects of IFRS on the value
relevance of accounting earnings, book value of
equity, intangible assets and goodwill, use method of
Moderated Regression Analysis.
This study uses six regression equations.
Equation 1 (test H1) examines the value relevance of
accounting earnings
..........................(1)
Equation 2 (test H1 and H2): test the combined
value relevance of accounting earnings and book
value.
....(2)
Equation 3 (test H1, H2, H3a and H3b): to test
the combined value of relevance of accounting
JCAE Symposium 2018 – Journal of Contemporary Accounting and Economics Symposium 2018 on Special Session for Indonesian Study
152
earnings, book value, goodwill and intangible assets,
use the models referring to Ledoux and Cormier
(2013) research.
(3)
From the above three equations, we get the
model of interaction equation for Moderated
Regression Analysis (MRA) as follows. Referring to
the Ledoux and Cormier (2013) research model in
testing IFRS's impact on the value relevance of
goodwill and intangible assets.
Equation 4 (testing H4):
...................................................................... (4)
Model 5 (testing H
4
and H
5
):
…….. (5)
Model 6 (testing H
4
, H
5
, H
6
a and H
6
b):
………………….………………………(6)
Information:
P = stock price
α
0
= constants
ɛ = the level of estimation
error in the research
EARN = accounting earnings
EQUITY = book value of equity
EQUITY NET = net book value of equity
before goodwill and
intangible assets
GW = goodwill
IA =intangible asset
IFRS = International Financial
Reporting Standard
4. RESULT
4.1 The Value Relevance Value of
Accounting Information
4.1.1. The Value Relevance of Accounting
Earnings
From the equation of the first model, it can be
concluded that accounting earnings has significant
influence on market value of equity, in accordance
with the hypothesis. The greater the accounting
earnings, the greater the company can distribute
dividends, so the investors will be more interested in
stock that have large accounting earnings. This
research is consistent with the research of Naimah
and Utama (2007), Ledoux and Cormier (2013) and
Kusumo and Subekti (2013) which stated that
accounting earnings is a proxy in calculating value
relevance of company's information.
4.1.2. The Value Relevance of Accounting
Earnings and Book Value of Equity
From this equation, the significance value (p-
value) is 0.000, it can be interpreted that accounting
earnings and book value of equity jointly affect the
market value of equity. Partially (t test), accounting
earnings significantly affect the market value of
equity, as well as the book value of equity which has
a significance value of 0.011. So it can be concluded
that accounting earnings and book value of equity
affect the market value of equity. This study is
consistent with the first equation model that
accounting earnings have a significant effect on
market value of equity, as well as book value of
equity which has a significant influence on market
value of equity. This study is consistent with the
conclusion of Naimah and Utama (2007) that
accounting earnings and book value of equity are
important variables for stock prices and are also
consistent with Ledoux and Cormier (2013) studies
that book value of equity is a proxy in assessing
value relevance. This may be caused by the book
value of equity that provides information on the net
worth of the company's resources.
4.1.3. The Value Relevance of Accounting
Earnings, Net Book Value of Equity,
Intangible Assets, and Goodwill
From the equation of the third model, the
significance value is (p-value) 0.000, it can be
interpreted that accounting earnings, net book value
of equity, goodwill, and intangible assets jointly
affect the market value of equity. Partially (t-test),
accounting earnings, book value of equity, and
goodwill significantly affect the market value of
equity, but intangible assets do not significantly
affect market value of equity. So it can be concluded
that goodwill significantly affects market value of
equity while intangible assets do not significantly
affect the market value of equity. The equation of
this research model is consistent with the first and
second model which conclude that accounting
The Effect of International Financial Reproting Standard (IFRS) on The Value Relevance of Intangible Asset and Goodwill
153
5
earnings and book value of equity significantly
affect market value of equity.
This study is consistent with Ledoux and
Cormier (2013) research that accounting earnings,
net book equity value, and goodwill become proxies
in determining value relevance. However, the results
of this study showing intangible assets do not
significantly affect stock prices inconsistent with
Ledoux and Cormier (2013) in Canada. This can be
explained because the information in the disclosure
of intangible assets is rarely reported on the financial
statements of manufacturing companies listed on the
Stock Exchange.
4.2 The Effect of IFRS on the Value
Relevance of Accounting
Information
4.2.1 The Effect of IFRS on the Value
Relevance of Accounting Earnings
Interaction variables between accounting earnings
and IFRS are also called moderating variable that
reflect the moderating effect of IFRS variable on the
association of accounting earnings and market value
of equity. If the IFRS variable is a moderating
variable, then the coefficient must be significant at
the specified significance level.
From the equation of the fourth model, the
significance value (p-value) 0.000. It can be
interpreted that the regression model can be used to
predict the market value of equity, or it can be said
that accounting earnings, IFRS, and interaction of
earnings accounting and IFRS jointly affect market
value of equity. Partially (t test), accounting earnings
significantly influences market value of equity, as
well as moderating variable which is the interaction
between accounting earnings and IFRS with 0.000
significance, so it can be concluded that IFRS
variable is significant moderating variable. This
result is consistent with the first, second, third,
equation model which states that accounting
earnings has value relevance.
The results of this study indicate that the
implementation of IFRS affects the value relevance
of accounting earnings. This result is in line with the
research of Barth et al. (2006), Hung and
Subramanyam (2007), and Amstrong et al. (2010)
which stated the implementation of IFRS increase
the accounting quality and the value relevance of
accounting earnings.
4.2.2 The Effect of IFRS on Value Relevance
of Accounting Earnings and Book
Value of Equity
Interaction variables of IFRS with accounting
earnings and book value of equity reflect the
moderating effect of IFRS variable on the
association of accounting earnings and book value of
equity with market value of equity. If IFRS variable
is a moderating variable, then the coefficient and
should be significant at the specified significance
level.
From the equation of the fifth model, the
significance value is (p-value) 0.000, it can be
interpreted that the regression model can be used to
predict the market value of equity, or it can be said
that accounting earnings, IFRS, book value of
equity, interaction of accounting earnings and IFRS,
and interaction of book value of equity and IFRS
jointly affect market value of equity.
Partially (t-test), accounting earnings and book
value of equity significantly affect market value of
equity, as well as moderating variables which is the
interaction between IFRS and accounting earnings
that show significant results. However, the
interaction of IFRS and book value of equity has a
significance value above the specified significance
value, so it can be concluded that IFRS variable is
not a variable that moderate the influence of book
value of equity to market value of equity. This study
is inconsistent with Kusumo and Subekti (2013)
which states that the value relevance of book value
increases as companies adopt IFRS. This can be
explained by the lack of investor confidence in the
implementation of IFRS in the preparation of the
financial statements and Indonesia has weak investor
protection so that the convergence of IFRS has not
been able to improve the value relevance of
accounting information (Anas, 2014).
4.2.3 The Effect of IFRS on the Value
Relevance of Accounting Earnings, Net
Book Value of Equity, Intangible
Assets, and Goodwill
From the equation of the sixth model, the
significance value is (p-value) 0.000. It can be
interpreted that the regression model can be used to
predict the market value of equity, or it can be said
that accounting earnings, net book equity value,
goodwill, intangible assets, IFRS, interaction of
IFRS and accounting earnings, interaction of IFRS
and book value of equity, interaction of IFRS and
JCAE Symposium 2018 – Journal of Contemporary Accounting and Economics Symposium 2018 on Special Session for Indonesian Study
154
goodwill, interaction of IFRS and intangible assets
jointly affect market value of equity.
Partially (t-test), accounting earnings, net book
value of equity, and goodwill significantly affect
market value of equity, but intangible assets do not
affect market value of equity. The moderating effect
of IFRS on the association of accounting earnings
and market value of equity has a significant result so
it can be concluded that IFRS variable is a variable
that moderate the effect of accounting earnings to
market value of equity. While the moderating effect
of the association of goodwill and intangible assets
have significance above the specified significance
value, it can be concluded that IFRS does not affect
the value relevance of goodwill and intangible
assets. The result of this sixth equation is consistent
with the first, second, third, fourth and fifth equation
models that accounting earnings, book value,
goodwill have value relevance and IFRS
convergence affect the value relevance of
accounting earnings. This study is inconsistent with
previous Ledoux and Cormier (2013) research which
stated that value relevance of intangible assets
increases with the adoption of IFRS on intangible
assets. It can be explained that research samples are
in different countries and Indonesia still has weak
investor protection so that the convergence of IFRS
has not been able to improve the value relevance of
accounting information (Anas; 2014).
5. CONCLUSIONS
Accounting earnings consistently in the first to sixth
model equations has a significant influence on
market value of equity. It can be explained that
investors are more likely to see accounting earnings
as a proxy of market value, the greater the
accounting earnings the greater the company can
distribute dividends so that investors are more
interested companies that have large accounting
earnings The book value of equity also significantly
affects the market value of equity. The book value of
equity consistently in the first, second, and third
model equations has a significant effect on the
market value of equity. Goodwill significantly
affects the market value of equity, this study is in
accordance with Ledoux and Cormier (2013) studies
which concluded that accounting earnings, net book
value of equity, and goodwill become proxies in
determining value relevance. However, intangible
assets do not significantly affect the market value of
equity. It can be explained that the intangible asset
disclosure information is still little reported on
financial statements of listed companies listed on
IDX. The author also examines the effect of IFRS on
the relevance value of earnings, book value,
goodwill and intangible assets. The results of the
study suggest that the implementation of IFRS
significantly affects the value relevance of
accounting earnings, but the implementation of IFRS
does not affect the value relevance of book value of
equity, goodwill, and intangible assets in
manufacturing companies listed on IDX.
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156
APPENDIX
Tabel 1: Hasil.
Variable
Eq 1
Eq2
Eq4
Eq6
Constant
275.290
0.768
0.444
675.166
1.765
0.080
217.040
0.439
0.661
-86.957
-0.170
0.866
EARN
20.403
28.882
0.000
21.341
27.367
0.000
17.718
20.906
0.000
19.078
22.892
0.000
EQUITY
-0.528
-2.571
0.011
EQNET
-0.889
-3.835
0.000
IA
14.199
0.751
0.455
GW
49.142
3.637
0.000
IFRS
-107.138
-0.164
0.870
587.042
0.870
0.386
IFRS*EARN
6.310
7.636
The Effect of International Financial Reproting Standard (IFRS) on The Value Relevance of Intangible Asset and Goodwill
157
9
4.895
0.000
5.580
0.000
IFRS*EQUITY
IFRS*EQNET
-0.361
-0.999
0.320
IFRS*IA
-34.594
-1.526
0.130
IFRS*GW
35.211
0.914
0.363
Adjusted R
2
0.883
0.887
0.903
0.923
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