비상장기업의 자발적 K-IFRS 채택행위와 이익조정의 관련성

김정애 ( Jung Ae Kim ),최종서 ( Jong Seo Choi ) 한국회계학회 2014 회계학연구 Vol.39 No.4

In this paper, we investigate the determinants of voluntary adoption of Korean International Financial Reporting Standards (hereafter, K-IFRS) by unlisted firms and the effect of such adoption on the quality of earnings as proxied by accrual and real earningsmanagement metrics. The idea of adopting a single set of high quality accounting standards across the globe has been wide-spread with the start of new millenium, which is expected to enhance the comparability of financial reporting internationally, resulting in improved transparency and liquidity of global capital markets. Korean government decided to follow suit by announcing the road map for the adoption of IFRS on a national level in 2007. According to the road map, all listed companies in Korea are required to prepare their financial statements in conformity with K-IFRS from 2011 on a mandatory basis. On the other hand, Korean Accounting Standards Board promulgated Accounting Standards for Non-Public Entities (Non-Public Standards, hereafter) effective from 2011 with a view to mitigate the burden of unlisted Korean firms to prepare their financial reports. Unlisted firms are also allowed to comply with K-IFRS on a voluntary basis in lieu of Non-Public Standards as they prepare financial statements, thus resulting in double standards from which individual firm may opt to choose one.Despite that the Non-Public Standards are designed to provide an easy-to-apply guidance for unlisted firms in preparing their financial statements, it turns out that a considerable number of unlisted firms in Korea actually adopted K-IFRS on seemingly voluntary basis in 2011. This setting motivated us to investigate the motives as well as the effects of voluntary adoption of K-IFRS by non-public entities in Korea, which is expected to provide additional evidence in terms of the consequences of K-IFRS adoption in Korea. Most of the extant domestic literature discuss the effects of K-IFRS adoption by listed companies and to our knowledge, this study marks the first in Korea that delves into the dual research questions of why certain non-listed firms opt to apply K-IFRS voluntarily despite the potential increased costs and what effect does such choice produce particularly with the regard to the quality of earnings? We further note that a significant number of voluntary adopters are the subsidiaries of listed firms, which are required to prepare their consolidated financial statements in accordance with K-IFRS. Even though these non-listed subsidiaries are allowed to comply with the Non-Public Standards, they are obliged to prepare their individual financial statements in compliance with their parents` accounting policy to enable the preparation of parents` consolidated financial statements. After excluding unlisted adopters affiliated with listed parent companies, we are expected to obtain genuine voluntary adopter sample of K-IFRS. With a view to examine the motives of pure voluntary adoption of K-IFRS by unlisted firms, we divide the adopter sample into non-public firms which are subsidiaries of listed parents and independent non-public firms, of which the latter is believed to provide genuine voluntary adopter sample. Moreover, those who favor adoption of IFRS argue that IFRS adoption is likely to increase usefulness of accounting information (FASB 2010; IASB 2010). Recent research on voluntary IFRS adoption suggests that the use of IFRS tends to improve the quality of financial reporting based on the empirical analyses using listed firm samples. However, there are limited evidence on the adoption of K-IFRS by unlisted firms in Korea, and whether the adoption of K-IFRS will result in enhanced quality of earnings under unlisted context still remains unknown. This paper tackles the two afore-mentioned research questions by examining the determinants of voluntary adoption of K-IFRS on the one hand, and by comparing the level of earnings management metrics of voluntary adopters relative to non-adopters of K-IFRS on the other. Firstly, we examine the motives of voluntary adoption of K-IFRS by unlisted firms by comparing the firm characteristics of adopters versus non-adopters of K-IFRS (total sample of 10,446 firms comprising 728 K-IFRS users and 9,718 Non-Public Standards users as of 2011), which will help better understand the costs and benefits associated with the choice of a specific set of accounting standards. It is reasonable to assume that voluntary adopters view K-IFRS as their preferred reporting strategy for a number of reasons to bring about short to long-term benefits which will compensate the present costs. Although voluntary adopters may face considerable costs related to increased information processing and preparation of sophisticated financial reports etc., it would be safe to say that those firms are making rational decisions in the choice of financial reporting standards through weighing benefits against costs. Using multivariate logistic regression analyses, we find that mutual investment restrictions of firms, corporate governance, legal form of companies, auditor reputation, firm age, and growth help explain unlisted firms` voluntary choice of K-IFRS. Other firm characteristics such as leverage, burden of tax, profitability and internationality do not appear to play a significant role in the K-IFRS adoption. After excluding the subsidiaries of listed parents from the K-IFRS adopter sample, firm characteristics including leverage, corporate governance, legal form of companies, auditor reputation, firm age, profitability and internationality emerged as significant determinants adopting decisions. Nextly, we calculate the predicted probability of the choice decision (via a dummy dependent variable taking a value of one if an unlisted firm uses K-IFRS in 2011 and zero otherwise), namely, the propensity score obtained from estimating multivariate logistic regression. With the scores between 0 and 1 representing the relationship between multiple characteristics and the dependent variable as a single characteristic, we perform propensity score matching (PSM) as a way to reduce sample-selection bias in our study. Case-control matching on the propensity score is known to balance case and control groups, or create covariate balance. Since several adoption effects of IFRS may vary between purely voluntary and seemingly voluntary but mandatory in fact adopters, we examine the effect of voluntary adoption of K-IFRS on earnings management metrics using 1,456 firms for the period of 2011. Based on earnings management literature, we employ both accrual earnings management (AEM hereafter) metrics and real earnings management (REM hereafter) metrics as alternative proxies of earnings quality. To obtain the AEM measures, we employ modified Jones model as suggested in Dechow et al.(1995). The REM measures are derived using the methods suggested by Roychowdhury (2006) to produce abnormal levels of cash flows from operations, discretionary expenses, production costs together with a single comprehensive aggregate measure of real earnings management (RM). Considering the tendency of firms to trade-off real versus accrual-based earnings managements, we also develop another comprehensive measure, Total_EM, to determine whether a firm is classified as an earnings manager or not (Zang 2006). Total_EM is an indicator variable that takes the value of one if either one of the RM or AEM is above the sample median (Cohen & Zarowin 2008), and zero otherwise. The result of our analyses shows that genuine voluntary K-IFRS adoption is, on average, negatively associated with the level of accrual earnings management metrics, which indicates, in part at least, that voluntary adoption of K-IFRS by unlisted firms may play a role to mitigate managerial opportunism thereby enhancing the quality of earnings. These results provide a practical implication suggesting that users may place greater reliability on the financial reports prepared in compliance with K-IFRS on a genuinely voluntary basis by unlisted non-public entities. A potential future avenue for related studies may include an in-depth investigation into the quality of accounting information of the mandatory versus voluntary adopters of high-quality accounting standards encompassing both the listed and unlisted settings and the underlying determinants for the possible differences.

The Impact of Voluntary IFRS Adoption on Japanese Public Companies

Yoshiaki, Ozawa 계명대학교 산학연구소 2015 經營經濟 Vol.48 No.1

Purpose - The purpose of this paper is to contribute to international debate and enhance the current understanding of voluntary IFRS adoption in Japan and the practical issues related to the adoption. Furthermore, I also tried to explain the factors that had led public companies to adopt these international standards in Japan. Design/Methodology - As of March 31, 2014, the 45 Japanese companies had either implemented IFRS or had publicly announced their intention to do so. The 19 companies of them had prepared consolidated financial statements in accordance with JP GAAP and applied IFRS 1. Based on these IFRS 1 information, I performed the in-depth analysis to determine the reason why these companies decided to adopt IFRS. Findings - The 45 companies had significantly more foreign subsidiaries, compared to other public companies in Japan. In addition, the foreign stockholding ratio of these companies also were higher than other Japanese public companies. Furthermore, analysis of GAAP differences from 19 adopted companies found that the key differences for Japanese companies were “Optional exception of cumulative exchange differences at first-time adoption”, “Non- amortization of goodwill”, “Capitalization of research and development cost”, and “Depreciation method and useful year”. Implications - The result of study indicated that the voluntary adoption of IFRS in Japan would be likely to continue increasing at a substantial rate for the foreseeable future and Japan would ultimately be seen as a guiding forerunner among countries adopting pure IFRS.

국제회계기준의 도입이 보수주의에 미치는 영향:도입 전후 비교 및 자발적 도입여부 비교

윤정분,김성환 한국회계정책학회 2013 회계와 정책연구 Vol.18 No.4

This study examines the impact of IFRS adoption on conservative accounting practices. IFRS uses fair value rather than historical cost as a major basis of measurement and is characterized by principle-based standards as opposed to rule-based standards. These characteristics of IFRS can lead to decrease of conservatism. We investigate whether there is a change in the degree of conservatism before and after the implementation of K-IFRS. We use the conservatism measure developed by Ball and Shivakumar (2006). We also investigate if there is a difference in conservatism between pre-IFRS adopters and non-adopters during the period (2009~2010) when voluntary adoption of K-IFRS is allowed. The empirical results show that firms have reported less conservative statements since K-IFRS was implemented. This means that the adoption of K-IFRS leads to decrease of accounting conservatism. We also found that there is no difference in conservatism between pre-IFRS adopters and non-adopters. We conjecture that these results are due to the characteristics of voluntary adopters and the period of new standards adoption. This paper can provide assistance for capital market supervisors who are monitoring the actual trends of the firms implementing K-IFRS. Also this study can give useful suggestions not only to the investors, but also to the firms implementing new standards. 공정가치를 중시하는 국제회계기준의 도입은 역사적 원가주의를 기반으로 하는 기존 보수적 회계처리 관행에 변화를 가져올 가능성이 있다. 상장기업을 대상으로 국제회계기준(K-IFRS)이 전면 도입된 지 2년이 경과한 지금, K-IFRS의 도입이 회계정보 보수성에 미치는 영향에 대해 살펴볼 필요가 있다. 본 연구에서는 K-IFRS 도입이 보수주의에 미치는 영향에 대하여 Ball and Shivakumar (2006) 모형을 이용하여 실증하였다. 2007년에서 2012년까지 기간의 상장기업을 대상으로 K-IFRS 도입 전․후와 조기도입 허용기간에 각각 6,141개(DD모델 4,562개), 2,999개 기업-연도 표본을 선정하여 회귀분석을 실시하였다. 실증결과는 첫째, K-IFRS 도입 후의 보수주의 정도는 도입 전에 비하여 약화되었다. 이는 선행연구(강민정 외, 2012)와 상반된 결과이며, 조기도입 기업의 특수성을 배제시켜 차이가 나타난 것으로 보인다. 보수주의 보다는 공정가치 측정에 더 많은 가치를 부여하고 있는 K-IFRS의 지향점이 K-IFRS 도입 기업의 회계처리에 영향을 미친 결과라 생각된다. 둘째, K-IFRS 조기 도입 허용기간 내에서 자발적 조기도입기업의 회계 보수성은 미도입기업의 회계보수성과 유의적 차이가 없는 것으로 나타났다. 이는 K-IFRS 자발적 조기도입기업의 경우 K-IFRS 도입이 보수주의 정도를 약화시키지 않았음을 의미한다. 새로운 기준의 초기 적용기간이라는 시기적 특성과 과거 회계 관행을 유지하려는 기업의 특성이 반영된 결과라 해석된다. 셋째, 소속시장을 구분한 추가분석에서 K-IFRS 도입 후의 보수주의 정도는 유가증권 시장과 코스닥 시장에 관계없이 약화되었다. 그리고 조기도입 허용기간 내의 경우에는 소속시장과 무관하게 자발적 도입 기업과 미도입 기업 간의 회계 보수성은 차이를 나타내지 않았다. 이는 본 연구의 결과가 강건함을 나타내는 결과이다.본 연구는 K-IFRS 전면 도입 후 2년이 경과한 시점에 수행한 연구로 조기도입 기간의 효과를 배제한 상태에서 K-IFRS 도입이 보수적 회계처리에 미치는 영향을 살펴보았다는데 그 의의가 있다. 또한, 조기도입 허용기간 내 자발적으로 K-IFRS를 도입한 기업의 보수주의를 분리하여 실증하였다는 점에서도 선행연구와 차별성을 가진다. 향후, 회계정보이용자들은 K-IFRS 도입 이후 회계정보의 보수성이 약화된 점을 감안하여 회계정보를 이용해야 할 것이며, 규제기관은 K-IFRS 도입 이후 채권자 보호를 위한 보수주의가 약화되므로 이를 보완할 방안을 마련할 필요가 있다.

RFID 서비스 지속적 이용과 수용에 있어 인지된 행동통제와 친숙성의 역할

임세헌(Se Hun Lim),조남재(Nam Jae Cho),황재훈(Jaehoon Whang) 한국물류학회 2012 물류학회지 Vol.22 No.3

IT의 발전에 따라 RFID 기술은 기업에서 중요한 비즈니스 프로세스 혁신과 고객 서비스 제공을 통해 경영혁신을 지원해주는 도구로 자리매김하게 되었다. 최근 기업들은 RFID 기술을 이용해 고객들에게 RFID 서비스를 제공하고 있다. 대표적인 RFID 서비스로는 교통카드, 회원관리, 출입카드, 주차관리, 자동차 스마트키, 고속도로 비용지불시스템 등이 있다. 고객들은 기업에서 제공하는 다양한 RFID 서비스를 경험하면서 RFID 서비스에 대해 친숙성을 형성하게 되었다. 최근 RFID 서비스 확산에 힘입어 RFID 수용이 학술분야에서 중요한 연구주제로 떠오르고 있다. 일반적으로 RFID 서비스는 이용자 수용 측면에서 전자상거래 수용과 차이점이 존재한다. 전자상거래는 이용자의 자발적 수용에 의해 이루어진다. 반면, RFID 서비스 중 일부는 이용자의 선택적 상황에 따라 수용이 이루어지지만, 일부는 이용자의 RFID 서비스 수용 의지와는 무관하게 강제적인 수용이 이루어진다. 그렇기 때문에 RFID 서비스 이용자 수용에는 기존의 IT 서비스 수용과 다른 독창적 특징이 존재함을 알 수 있다. 따라서 본 연구에서는 RFID 서비스 확산 전략 제안을 위해 기대확신모델을 이용해 이용자의 RFID 서비스의 지속적 이용의도에 대한 분석을 하였다. 특히, 본 연구에서는 RFID 서비스의 지속적 수용에 있어 자발적 환경과 비자발적 환경에 대한 이해를 제공해 주는 변수로 친숙성과 인지된 행동통제 변수를 도입해 김이 있는 RFID 서비스 수용 과정을 분석하였다. 본 연구결과는 RFID 서비스에 대한 이용자의 인지된 행동통제, 친숙성, 기대확신, 유용성, 만족, 지속적 이용의도에 대한 다양한 정보를 제공해주어, 향후 기업에서 RFID 서비스를 개발하고, RFID 서비스 이용 증대를 위한 전략 수립에 유용한 시사점을 제공해 줄 것이다. Thanks to the rapid development of IT, RFID technology turn to paly a crucial role in innovating business process and customer services. Recently, the use of RFID services are spreading rapidly among customers. The use of RFID services include RFID highway express toll-card, membership-based smart cards, parking management, and so on. Due to the diffusion of the use of consumer RFID services, research on the use of RFID emerged as an important topic among academia. There seem to exist significant differences between the adoption of RFID services and the adoption of e-commerce transactions. While e-commerce transactions rely heavily on consumer’s voluntary acceptance, many RFID-based services are embedded in the infrastructure and context of consumer experience. Even some RFID-based services are considered mandatory depending on the situation. For this reason, existing research framework on the adoption of IT may not applicable to the use of RFID. Therefore, the uniqueness of this RFID context is considered in this research. We applied expectations-confirmation model (ECM) to understand the sustained adoption of RFID services and diffusion strategy of RFID services. Specifically we incorporated the difference between voluntary use and mandatory use of RFID services along with familiarity and perceived behavioral control to the technology. We believed that the results of our study will provide useful guidelines and implications for the design of RFID strategies for continual usage and adoption.

전자정부 서비스의 지속적 수용 강화를 위한 통합적 접근

임세헌(Se Hun Lim) 한국데이타베이스학회 2013 Journal of information technology applications & m Vol.20 No.1

This study analyzed the users acceptance of e-Government services. Many IT(Information Technology) adoption studies appeared the TAM(technology adoption model) of Davis[1989] as a theoretical background. The TAM composed of three factors those are the perceived easy of use, the perceived usefulness, and intention to adoption of IT. However, TAM did not explain the consequences of intention to adoption and antecedents of the ease of use and usefulness in IT adoption. To overcome limitations of TAM, many technology acceptance studies done. In this study, the researcher suggested the IT acceptance model for explaining users adoption of e-Government service based on the model of IT acceptance of Wixom and Todd[2005]. The model of Wixom and Todd[2005] based on the TAM of Davis[1989], IT adoption model of Taylor and Todd[1995] and, IS(Information Systems) success model of Delone and Mclean[1992, 2003]. For testing our research model, the researcher collected data from 200 users of e-Government services. The researcher analyzed in measurement model and structural model using statistical software. This study analyzed relationships among interaction, information quality, Web systems quality, satisfaction, ease of use, usefulness, and attitude to explain and predict influences of the users acceptance of e-Government services. The results of this study will provide useful information about develop a strategy for usage spread of e-Government services.

IFRS 조기도입, 재량적 발생액 및 이익의 정보유용성

김새로나,양동훈,손언승,김진선 한국회계정보학회 2012 회계정보연구 Vol.30 No.3

본 연구는 2006년부터 2010년 기간 동안 K-GAAP에서 K-IFRS로 조기 전환한 기업과 계속 K-GAAP을 적용한 기업을 대상으로 2009년 조기도입 시기를 기점으로 하여 재무보고의 질이 개선되는지를 재량적 발생액을 통해 검증하는 한편, 이와 관련한 연장선상에서 IFRS의 도입에 따른 시장 반응을 분석하는 것을 목적으로 한다. 2009년 및 2010년에 조기도입을 실시한 기업 중 68개 기업-년을 포함한 전체연구표본 6,435개 기업-년을 이용하여 분석한 결과, 먼저, K-GAAP에서 K-IFRS로 전환한 기업의 IFRS 도입 이후 시기의 재량적 발생액은 같은 기간의 K-GAAP 적용기업과 비교해 절대값으로 측정한 재량적 발생액은 유의적인 차이를 나타내진 않았다. 다음으로 IFRS 조기도입에 따른 이익의 정보유용성을 연구한 결과에서는 IFRS 조기도입 이후 시기에 K-IFRS로 전환한 기업의 경우 계속 K-GAAP을 적용한 기업과 비교해 이익의 정보유용성이 감소했음을 확인할 수 있었다. IFRS 도입 이후 기간에 K-IFRS로 전환한 기업과 계속 K-GAAP 적용 기업간 재량적 발생액으로 측정한 이익의 질에 유의한 차이가 없음을 확인하였으므로 이를 이익의 정보유용성 분석과 연결해보면, K-IFRS 전환 기업과 K-GAAP 적용 기업간 조기도입 이후 기간에 있어 당기순이익 변화에 따라 주가수익률에 차이가 없어야 할 것으로 예상되나 이와는 다른 결과를 보였다. 이는 투자자들이 자발적으로 IFRS를 도입한 기업의 당기순이익 변화를 IFRS 도입에 따른 제도적 변화로 인식하여 해당 정보에 덜 의존하는 경향을 나타낸 것으로 보인다. 본 논문의 공헌점은 IFRS 조기도입 기업을 대상으로 IFRS 도입효과를 K-GAAP 적용기업과 비교하여 실증적으로 보여주었다는 것이다. 또 IFRS 도입에 따라 재무제표 본문의 내용 보다 주석공시의 양 증가와 재무분석가들이 기존 K-GAAP과의 비교가능성 등의 문제로 예측정보를 제공하는데 어려움을 겪는 등의 상황으로 인해 투자자들이 혼란을 겪을 수도 있다는 여러 매체의 언급을 실증적 분석을 통해 확인해 본 점이다. In this paper we investigate whether early adoption of K-IFRS affects the magnitude of discretionary accruals and the informativeness of earnings. The sample consists of 6,435 firm-years(non-banking firms) listed on the Korean Stock Exchange over the period of 2006-2010. In this sample, 68 firm-years in 2009 and 2010 decided to voluntarily adopt K-IFRS. The empirical results are summarized as following. First, firms early adopting K-IFRS do not constitute a significant constraint on earnings quality, as measured by the level of absolute value of discretionary accruals. Second, firms converting from K-GAAP to K-IFRS experience a decline in ERCs suggesting that infornmativeness of earnings decreases significantly following IFRS early adoption. This study provides relevant insights into the potential economic consequences of K-FIRS, in which many practitioners, academics and government agencies have interests and concerns.

2020년도 형사소송법 중요판례평석

박정난(Park Jungnan) 한국형사소송법학회 2021 형사소송 이론과 실무 Vol.13 No.1

In this article, major Supreme Court cases in the field of criminal procedure law sentenced in 2020 were reviewed in accordance with the content of the issue, divided into investigation procedures, evidence law, and trial procedures. The case issues related to the investigation procedures included the criteria for determining the seizure of the material for the irrelevant crime, the illegality of collecting evidence related to the protection of the attorney’s right to participate in the seizure search process, and the recognition of voluntary submission at the arrest site of flagrant offender. This is an important issue that has been continuously discussed before the ruling and the key is to manage judicial justice for both the defendant and the victim by harmonizing the discovery of the truth and due process of law, which are the grand principles of criminal procedure. The Supreme Court case is believed to have shown such judicial efforts. The case issues related to the field of evidence law included the category of complicity covered by Article 312 (3) of the Criminal Procedure Act, the judgment of the credibility of statements of victims of sexual violence, protection of specific crime reporters and cancellation of witness adoption. According to the Criminal Procedure Act, which goes into effect on January 1, 2022, the admissibility requirement of suspect interrogation report by prosecutor will be the same as that of suspect interrogation report by the police, so I think we must reconsider whether the expansion of the application of Article 312 (3) of the Criminal Procedure Act is excessive reduction of the area of judges. On the other hand, the ruling on the credibility of sexual violence victim statements is thought to have tried to reasonably judge the statements of those involved in consideration of the individual circumstances of the case, unlike the previous ruling packaged as logic and experience rules. In addition, I agree with the Supreme Court s ruling of confirming the witness s obligation to testify and the minimum role for the court s discovery of the truth, aside from protecting criminal reporters. Finally, the case issues related to the trial process included the scope of the appeal judgment and the prohibition of reformatio in peius. The content that the Court of Appeals shall not judge if there is no specific reason for appeal and that cannot be sentenced to a heavier sentence than a summary order, as the principle of prohibition of raising the sentence applies when a formal trial and another trial are merged reaffirm the legal principles of existing precedents. The Supreme Court s attitude of demanding strict interpretation and compliance with the procedural law is reasonable, prioritizing the guarantee of rights and interests of the defendant. On the other hand, there was a consensus ruling that changed the law of the Supreme Court s ruling on whether the sentence is disadvantageous or not in the case of indeterminate sentence, but it is regrettable that it was concluded without clear grounds. I look forward to continuous research and criticism from the practical and academic circles on the issues discussed in the Supreme Court case.

자발적 감사, 검토 및 자발적 IFRS 도입 기업의 특성에 관한 연구: 타인자본조달규모를 중심으로

손성규,박우진 한국회계정보학회 2013 회계정보연구 Vol.31 No.3

In Accounting, the researches related to voluntary audit, voluntary review, voluntary adoption of IFRS have mainly treated how to affect these to the reliability of accounting information and the response of stock prices in financial market. but any study on why the firms takes audit, review, adoption of IFRS voluntarily was not done. We analyse the characteristics of the firms which takes voluntary audit, voluntary review, voluntary adoption of IFRS and the causes are investigated in terms of external financing. In summary, The empirical results are that in the analysis of the private companies, the firms with the voluntary audit have lower amount in debt financing compared to the firms without the voluntary audit, but they have more amount in bond. Second, in the analysis of the listed companies, the firms with the voluntary review occupy a high ratio in short-term borrowings and short-term bond but they occupy a low ratio in long-term bond. Third, in the analysis of the private companies which are identified Whether or not the adoption of IFRS by the Financial Supervisory Service(FSS), the firms with low borrowing have high possibilities of the voluntary adoption of IFRS. This study has some contributions. First, we try to analyse the firm characteristics which take voluntary audit, voluntary review, voluntary adoption of IFRS and identify the causes in terms of external financing. Second, the results of this study provide the empirical evidence on the causes that firms take voluntary audit, voluntary review, voluntary adoption of IFRS. 회계학 분야에서 자발적 감사, 자발적 검토, IFRS의 도입과 관련된 연구는 주로 회계정보의 신뢰성과 이와 관련한 자본시장에서 주가와의 관련성에 어떠한 영향을 미치는가에 대하여 이루어져 왔다. 그러나 기업의 입장에서 규제에 해당하는 감사, 검토, IFRS 도입을 기업들이 왜 자발적으로 행하는 지에 대한 연구는 이루어 지지 않았다. 본 연구는 자발적 감사, 자발적 검토를 받고, 자발적으로 IFRS 도입한 기업의 특성을 분석하여, 그 원인을 외부자본조달의 관점에서 규명하였다. 실증 분석 결과 종합해 보면 먼저 비상장 회사를 대상으로 분석한 자발적으로 감사를 받은 기업은 그렇지 않은 기업에 비해 차입금 종류의 자본조달금액이 적고, 사채 형태의 자본조달금액은 더 많다는 것으로 요약할 수 있다. 두 번째로 상장기업을 대상으로 분석한 자발적 검토와 관련된 연구에서는 자발적으로 검토를 받은 기업은 그렇지 않은 기업에 비해 단기 차입금과 단기 사채의 비중이 크고, 장기사채의 비중은 적었다. 마지막으로 금융감독원에서 IFRS 도입여부가 확인된 비상장 기업을 대상으로 연구한 자발적으로 IFRS 도입가능성에 관한 실증 결과는 차입금형태의 자본조달 금액이 적은 기업들이 자발적으로 IFRS를 도입할 가능성이 크다는 것을 보여준다. 본 연구는 자발적 감사, 자발적 검토를 받고, 자발적으로 IFRS 도입한 기업의 특성을 분석하여, 그 원인을 외부자본조달의 관점에서 처음으로 분석한 논문이라는 점에서 의의가 있다. 또한 본 연구 결과는 기업들이 자발적으로 감사나 검토를 받거나 자발적으로 IFRS를 도입하는 원인에 대한 실증적 근거를 제공하고 있다.

K-IFRS의 자발적 도입과 감사보수의 관련성

이상철,박재완,윤종철,고혁민 한국회계정책학회 2014 회계와 정책연구 Vol.19 No.2

본 연구의 목적은 K-IFRS의 자발적 도입이 외부감사인의 감사보수에 미치는 영향을 파악하고, 정보비대칭이 K-IFRS 도입과 감사보수 사이의 관련성에 미치는 영향을 파악하는 것이다. 검증을 위하여 2009년과 2010년에 K-IFRS를 자발적으로 도입한 기업을 분석표본으로 선정하고, K-IFRS를 도입하지 않은 기업 가운데 분석표본과 동일한 연도 및 산업에 속하며 자산규모가 비슷하고 유사한 품질의 외부감사서비스를 제공받은 기업을 통제표본으로 선정하였다. 분석 및 통제표본을 포함하여 모두 110개 기업-년 자료를 분석에 이용하였다. 검증결과, K-IFRS를 자발적으로 도입한 기업이 도입하지 않은 기업보다 감사보수가 유의적으로 높은 것으로 나타났다. 그리고 K-IFRS의 자발도입으로 감사보수가 증가하는 효과는 재무분석가가 존재하지 않는 기업에서 더 크게 나타났다. 이러한 결과는 정보비대칭이 클수록 K-IFRS의 도입에 따른 감사보수의 증가 효과가 더 크다는 것을 의미한다. This paper investigates the relationship between voluntary adoption of K-IFRS and audit fees. This study also analyzes the effect of the level of information asymmetry and the existence of monitors with monitoring incentives on the association. We selected Korean listed non-financing companies early adopting K-IFRS for the period 2009-2010, matched with those not voluntary adopting K-IFRS. The matching criteria used in the paper are year, industry classification, firm size and audit quality. Our final sample consists of 55 non-financing firm-year data with voluntary adoption of K-IFRS and 55 control firm-year data without adoption of K-IFRS. We find that voluntary adoption of K-IFRS is positively associated with audit fees. We also find that under high level of information asymmetry, the association between voluntary adoption of K-IFRS and audit fees is greater than under low level of that.

비상장기업의 K-IFRS 자발적 도입이 회계 보수성에 미치는 영향

정아름,김성환 한국회계정책학회 2016 회계와 정책연구 Vol.21 No.5

The purpose of this study was to investigate the effects of voluntary adoption of K-IFRS on conservatism, one of important accounting attributes from the perspective of creditors, among the unlisted companies that adopted K-IFRS voluntarily. The results of analysis are as follows:first, accounting conservatism made a significant decrease after the adoption of K-IFRS among the unlisted companies that adopted it voluntarily, which is in line with the findings of previous research that reported the weakening of accounting conservatism after the obligatory adoption of K-IFRS among the listed companies. Second, the unlisted companies that adopted K-IFRS voluntarily were compared and analyzed with the unlisted companies that did not adopt K-IFRS and the listed companies that adopted it out of obligation through matching samples. Finally, the study analyzed the unlisted companies that adopted K-IFRS voluntarily according to the debt ratio. It was found that the ones with a higher debt ratio showed greater accounting conservatism than the unlisted companies that did not adopt K-IFRS and the listed ones that adopted it out of obligation, which suggests that the creditors of unlisted companies with a high debt ratio demand that the companies should reinforce their conservatism to lower the risk of default and bankruptcy. 최근 비상장기업의 자발적 K-IFRS 도입이 늘어나고 있으며, 이러한 추세는 회계정보의 품질을 높이려는 비상장기업의 노력으로 평가받고 있다. 비상장기업의 경우 주로 외부 타인자본에 의존해 자본을 조달하고 있으며, 보수주의는 채권자가 기업의 파산이나 채무불이행 위험을 줄이기 위해 요구하는 회계 속성이다. 본 연구는 K-IFRS를 자발적으로 도입한 비상장기업을 대상으로 하여 K-IFRS 자발적 도입이 회계 보수성에 어떠한 영향을 미치는지 규명하여 자발적 도입의 효과를 살펴본다. 실증결과 첫째, K-IFRS를 자발적으로 도입한 비상장기업의 회계 보수성이 도입 이전에 비해 도입 이후 유의적으로 낮아졌다. 둘째, 미도입 비상장기업과 의무도입 상장기업의 대응표본을 이용한 비교분석에서 K-IFRS 자발적 도입 기업은 자발적 도입 이전에는 미도입 비상장기업보다 더 보수적이었으나 자발적 도입 이후에는 미도입 비상장기업이나 의무도입 상장기업과 동일한 보수성을 나타냈다. 셋째, 자발적 도입 비상장기업을 부채비율로 집단을 구분한 분석 결과에서 부채비율이 높은 기업의 경우 미도입 비상장기업과 의무도입 상장기업에 비해 더 높은 회계 보수성을 나타냈다. 이는 부채비율이 높은 경우 채권자의 요구에 의해 자발적 비상장기업이 더 보수적으로 회계처리하는 것으로 해석된다. 본 연구 결과는 자발적으로 K-IFRS를 도입하는 비상장기업의 재무정보에 대한 이해를 보수주의 관점에서 제고시킬 수 있으며, 자발적 도입 비상장기업의 재무분석 과정에서 비교 대상이 되는 벤치마크 선정에 대한 지침을 제공할 수 있을 것이다. 또한 비상장기업의 회계 보수성과 관련되어 관심을 기울여야 할 요인을 선별함으로써 비상장기업의 회계제도를 설정하는 규제 당국에 대한 정책적 시사점을 제시할 수 있다.