건설형 공사계약에 대한 회계의 이해 개선방향

The purpose of this study is to understand the current practice and suggest improvement direction of Korean accounting standards for construction contracts. For this objective, we compared international accounting standards, American accounting standards and Korean accounting standards, and thereby could get the following main conclusions. First, there exist some conceptual differences between IAS 11 and U.S. GAAP. with regard to accounting for billing contract fees, and this point needs to be properly reflected in adopting accounting methods for billing contract fees in Korea. From conceptual viewpoint, U.S. accounting treatment seems to be superior to IAS 11. Second, in computing the profit from construction contract, the revenue-cost approach appears to be conceptually better than the gross-profit approach, and it is important to understand the conceptual and practical limitations of the gross-profit approach. Third, opening the costs of apartments to be constructed is not an accounting problem but a matter of policy choice of the administrative authorities. However, we suggest the information disclosure about the performance of individual construction contract for forecasting future cash flows of the constructing company.Fourth, the terms ‘contract cost’ and ‘contract expense’ should be used in their correct and precise meaning to avoid confusion.