KORUNMA MUHASEBESİ UYGULAMASININ BELİRLEYİCİLERİ VE KAZANÇ DALGALANMASINDA KORUNMA MUHASEBESİ ETKİSİ

Abstract

TFRS 9, finansal riskten korunma ve koruma muhasebesi uygulamasına yönelik düzenlemeler getirmektedir. Bu çalışmanın amacı, BIST Sınai endeksinde işlem gören şirketlerde korunma muhasebesi uygulamasında belirleyici olan faktörleri ve kazanç dalgalanmasında korunma muhasebesi uygulamasının etkisini araştırmaktır. Ulaşılan bulgular, bağımsız denetim firması, firma büyüklüğü, şirket yaşı ile korunma muhasebesi uygulaması arasında anlamlı ilişki olduğunu göstermektedir. Kazanç dalgalanmasına yönelik bulgular ise, korunma muhasebesi uygulamasının şirketlerin kazançlarındaki oynaklığı azalttığına dair anlamlı kanıt ortaya koymamıştır. Çalışma ortaya koyduğu bulgular ile konuya ilişkin sınırlı sayıdaki literatüre katkıda bulunmaktadır.

Keywords

• TFRS 9
• Korunma Muhasebesi
• Kazanç Dalgalanması
• Finansal Riskten Korunma

DETERMINANTS OF HEDGE ACCOUNTING AND IMPACT OF HEDGE ACCOUNTING ON EARNINGS VOLATILITY

Abstract

TFRS 9 standard contains regulations on financial hedging and hedge accounting. The aim of this study is to investigate the determinants of hedge accounting application and the effect of hedge accounting on earnings volatility in the BIST Industrial Index. The findings indicate a significant relationship between hedge accounting and firm size, type of independent audit firm and firm age. However, the results do not reveal significant evidence that application of hedge accounting reduces earnings volatility. Study contributes to the limited literature on the subject with its findings.

Keywords

• TFRS 9
• Hedge Accounting
• Earnings Volatility
• Hedging

References

1. Abdel-Khalik, A.R., & Chen, P. (2015). Growth in Financial Derivatives: The Public Policy and Accounting Incentives. Journal Of Accounting and Public Policy, 34, 291-318.
2. Abdullah, A., & Ku Ismail, K.N.I. (2017). Companies’s Characterictics And The Choice Of Hedge Accounting For Derivatives reporting: Evidence From Malaysian Listed Companies. International Journal of Accounting And Auditing And Performance Evaluation, 13(3), 280-292.
3. Bartram, S.M., Brown, G.W., & Fehle, F.R. (2009). International Evidence On Financial Derivatives Usage. Financial Management, 38(1), 185–206.
4. Beneda, N. (2013). The Impact Of Hedging With Derivative Instruments On Reported Earnings Volatility. Applied Financial Economics, 23, 165-179.
5. Chen, L. & Zhao, X. (2006). On The Relation Between The Market-To-Book Ratio, Growth Opportunity, And Leverage Ratio. AFA 2005 Philedelphia Meetings.
6. Comiskey, E.E., & Mulford, C.W. (2008). The Non-Designation of Derivatives As Hedge Accounting Purposes. Journal of Applied Research in Accounting And Finance, 3(2), 3-15.
7. Çiftçi, H.N. (2020). Application And Reporting Of Hedge Accounting In Banking Sector Of Turkey- 2018. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(2), 306-312. “Derivatives And Hedging (Topic 815)” https://asc.fasb.org/imageRoot/38/112270638.pdf
8. Eshleman, J.D., & Guo, P. (2014). Do Big 4 Auditors Provide Higher Audit Quality After Controlling For The Endogenous Choice Of Auditor?. Auditing A Journal of Practice&Theory, 33(4), 197-219.

9. Fama, E.F., & French, K.R. (1993). Common Risk Factors In The Returns On Stocks And Bonds. Journal of Financial Economics, 33(1), 3-56.
10. Fields, T.D., Lys, T.Z., & Vincent, L. (2001). Empirical Research On Accounting Choice. Journal of Accounting And Economics, 31 (1–3), 255–307.
11. Gedik, A. (2020). Dünya Gazetesi, https://www.pwc.com.tr/tr/medya/kose-yazilari/asli-gedik/seninle- basim-dertte-her-gun-degisiyorsun.html
12. Geiger, M.A., & Rama, D.V. (2006). Audit Firm Size and Going-Concern Reporting Accuracy. Accounting Horizons, 20(1), 1-17.
13. Glaum, M., & Klöcker, A. ( 2011). Hedge Accounting And Its Influence On Financial Hedging: When The Tail Wags The Dog. Accounting And Business Research, 41(5), 459-489.
14. Hairston, S.A., & Brooks, M.R. (2019). Derivative Accounting And Financial Reporting Quality: A Review Of The Literature. Advances in Accounting, 44, 81-94.
15. İpek, A. (2020). Riskten Korunma Muhasebesi ve Türkiye’de Uygulanabilirliği Üzerine Bir Vak’a Çalışması. Muhasebe ve Finansman Dergisi, 88, 75-96.
16. Mirza, A.A., Holt, G., & Orrel, M. (2006). International financial reporting standarts-workbook and guide. Wiley. Needles, B.E., & Powers, M. (2012). Financial Accounting, 11th Edition, South-Western, Cengage Learning.
17. Panaretou, A., Shackleton, M.B., & Taylor, P.A. (2013). Corporate Risk Management And Hedge Accounting. Contemporary Accounting Research, 30(1), 116-139.
18. Pham, N.K., Duong, H.N., Quang, T.P., & Thuy, N.H.T. (2017). Audit Firm Size, Audit Fee, Audit ReputationandAuditQuality:TheCaseOfListedCompaniesinVietnam. AsianJournalofFinance & Accounting, 9(1), 429-447.
19. Pierce, S. (2020). Determinants And Consequences Of Firm’s Derivative Accounting Decisions. Journal of Financial Reporting, 5(1),81-114.
20. Poligorova, T., & Staskow, R. (2014). The Use Of Financial Derivatives By Canadian Firms. Bank of Canada Review, Autumn 2014, 47-54.
21. Ramirez, J. (2015). Accounting for Derivatives Advanced Hedging Under IFRS 9. John Wiley & Sons.
22. Rujiin, C., & Sukirman, S. (2020). The Effect of Firm Size, Leverage, Profitability, Ownership Structure And Firm Age On Enterprise Risk Management Disclosures. Accounting Analysis Journal, 9(2), 81-88.
23. Smistad, R., & Pustylnick, I. (2012). Hedging, Hedge Accounting And Speculation: Evidence From Canadian Oil And Gas Companies. Global Journal of Business Research, 6(3). 49-62.
24. Smith, C.W., & Stulz, R.M. (1985). The Determinants of Firms’ Hedging Policies. Journal of Financial And Quantitative Analysis, 20(4), 391-405.
25. “TFRS-9 Finansal Araçlar Sunum”, 19.01.2017 tarih ve 29953 sayılı Resmi Gazete.