연결재무제표의 주재무제표화에 관한 연구

Recently Korea Financial Supervisory Service (KFSS) proposed new disclosure policies of consolidated financial statements. In Korea, consolidated financial statements are disclosed as supplementary information of separate financial statements. But KFSS propose new policies those put the fist importance in consolidated financial statements. According to the proposed policies consolidated financial statements must be disclosed within 90 days from the B/S date. And semi-annual and quarterly reports must be made of consolidated financial statements. This study examines appropriateness of the proposed policies. The conclusions based on survey results are as follow. First, it is inappropriate that government enforces the proposed policies to every listed company. Because it is hard to make consolidated financial statements within 90 days from the B/S date under the existing conditions. In case of semi-annual and quarterly reports, unlisted companies don't make a disclosure of financial statements. So the companies which have unlisted subsidiaries must make special review of unlisted subsidiaries for the disclosure of reviewed consolidated financial statements. And reviewed semi-annual and quarterly consolidated financial statements must be disclosed within 45 days from the end of each period. But it is hard to make a disclosure within the proposed date. Second, internationalized companies must follow the proposed policies in the near future, but rest of the companies need plenty of time for preparation. One of the main reasons of the proposed policies is comparability with International Financial Reporting Standards (IFRS). Internationalized companies need the reports comparable with IFRS. But the comparability with IFRS is less important to the rest of the companies. So I recommend that government make the proposed policies optional to the rest of the companies for a while.