COMPARISON OF BOOK INCOME AND TAXABLE INCOME IN TERMS OF VALUE RELEVANCE OF EARNINGS

Kazancın hesaplanmasında, Uluslararası Finansal Raporlama Standartları (UFRS) ve Türkiye deki Vergi Usul Kanunu (VUK) farklı ilkeleri göz önünde bulundurur. Sonuç olarak kaydi gelir (UFRS geliri) ile vergiye tabi gelir (VUK geliri) arasında rakamsal farklılıklar ortaya çıkar. Bu çalışma UFRS geliri ve VUK geliri arasında oluşan farklılıkları inceleyerek, hangi gelir tutarının daha fazla geçerli değere sahip olduğunu bulmayı amaçlamaktadır. Yapılan regresyon analizi sonucunda UFRS gelirinin geçerli değere sahip olduğu konusunda destekleyici kanıt elde etmemize rağmen, VUK gelirinde böyle bir kanıta ulaşamadık. Bu durumda UFRS geliri ile VUK gelirinin yakınsaması konusunda devam eden tartışmalara cevap olarak şu sonuca vardık; UFRS geliri VUK gelirine yaklaştırılırsa mali tablo kullanıcıları açısından bilgi kaybına neden olacaktır.

KAZANCIN GEÇERLİ DEĞERİ AÇISINDAN KAYDİ GELİR İLE VERGİYE TABİ GELİRİN KARŞILAŞTIRILMASI

In the assessment of earnings, International Financial Reporting Standards (IFRS) and Tax Procedure Law (TPL) in Turkey apply different principles. As a result, difference between book income and taxable income arises because of different procedures each system applies. This study examines and compares IFRS income and TPL income and investigates which measure is more value relevant than the other in explaining earnings-return relation. We provide supportive evidence regarding value relevance of IFRS income while we cannot find significant evidence regarding value relevance of TPL income. Regarding the ongoing debate over the necessity of converging two income numbers, we conclude that if IFRS income converges to TPL income a considerable level of information will be lost.

PDF

___

Ali, A. and Hwang, L. (2000) Country Specific Factors Related to Financial Reporting and the Relevance of Accounting Data, Journal of Accounting Research, 38 (1): 1-21.
Atwood, T.J., Drake, M.S. and Myers, L.A. (2010) Book-Tax Conformity, Earnings Persistence and the Association Between Earnings and Future Cash Flows, Journal of Accounting and Economics, 50 (1): 111-125
Ball, R., Kothari, S.P. and Robin, A. 2000. The Effect of Institutional Factors on Properties of Accounting Earnings, Journal of Accounting and Economics, 29 (1): 1-51.
Bankman, J. (1999) The New Market in Corporate Tax Shelters, Tax Notes Today 83 (June 22), 1775-1795.
Desai, M.A. (2003) The Divergence Between Book and Tax Income, Tax Policy and the Economy, 17 (1): 169-206.
Easton, P.D. and Harris, T.S. (1991) Earnings as an Explanatory Variable for Returns, Journal of Accounting Research, 29 (1): 19-36.
Güçlü, F.C. (2009) UFRS Mali Tablo Düzenleme İlkelerine gore Tespit Edilen Kar Rakamı Üzerinden Düzenlenen Kar Dağıtım Tablosu, İktisat Fakültesi Mecmuası,59 (2): 263-305.
Hanlon, M. (2005) The Persistence and Pricing of Earnings, Accruals and Cash Flows When Firms have Large Book-Tax Differences, The Accounting Review, 80(1): 137-166.
Hanlon, M. and Shevlin, T. (2005) Book-Tax Conformite for Corporate Income: An Introduction to the Issues, National Bureau of Economic Research, 19 (1): 101-134.
Hanlon, M., Kelley, S. and Shevlin T. (2005) Evidence for the Possible Information Loss of Conforming Book Income and Taxable Income. Journal of Law and Economics, 48 (2): 407-442.
Hanlon, M., Maydew, E.L. and Shevlin, T. (2006) Book-Tax Conformity and the Information Content of Earnings, Ross School of Business-MIT, Working Paper No. 1029
Manzon G.B. and Plesko G.A. (2002) The Relation Between Financial and Tax Reporting Measures of Income, Tax Law Review, 55 (2): 175-214.
Mills, L., Newberry, K. and Trautman, W.B. (2002) Trends in Book-Tax Income and Balance Sheet Differences, University of Arizona, Working Paper.
Mills, L.F. (1998) Book-Tax Differences and Internal Revenue Service Adjustments, Journal of Accounting Research, 36 (2): 343-356.
Mills, L.F. and Plesko, G.A. (2003) Bridging the Reporting Gap A Proposal for More Informative Reconciling of Book and Tax Income, National Tax Journal, 56 (4): 865-893
Pamukçu, F. (2011) Fair Value Accounting and the Effects to Financial Statements. Mali Çözüm Dergisi, 79-95
U.S. Department of the Treasury (1999) The Problem of Corporate Tax Shelters: Discussion, Analysis and Legislative Proposals. (Washington, D.C.:U.S. Government Press).
Zeng, T. (2002) Taxpayers Tax and Financial Reporting Decisions in a Game Theoretical Model, Wilfrid Laurier University, Canadian Journal of Administrative Sciences, 19 (2): 155-172.