한국전력그룹의 IFRS 도입사례

This study presents the unique case of implementing IFRS in the public corporation context. In September 2007, KEPCO Group began to implement IFRS as setting up a task force team. After pilot diagnosis of how IFRS will be implemented, the KEPCO Group set up a master plan for implementing IFRS and analysed preliminarily the difference between K-GAAP and IFRS. With the in-depth analysis of the difference between K-GAAP and IFRS, the IFRS task force team prepared the accounting policies and simultaneously set up a financial accounting system in accordance with the accounting policies. And then KEPCO Group began to operate the IFRS system in January 2010. Especially KEPCO group introduced IFRS systems across 10 subsidiaries at the same time. KEPCO group installed the IFRS systems based on group accounting policies in which real time linking and processing of accounting data on affiliates were enabled. And then, the IFRS system was connected to ERP system to form the integrated information system. Furthermore, KEPCO group educated employees in accounting departments and managers to increase real effectiveness of the IFRS system. This study tries to identify specific situational factors that should be considered for implementing the IFRS system in the public corporation context. For example, the active participation of both employees with strong specialties and managers in the IFRS task force team is required to implement IFRS successfully. Also, the ways that the change of business environment caused by IFRS implementation impacts not only the business but also employees, can be extended to change management. Finally, there is an urgent need for an institutional framework to harmonize the characteristics of public corporations introduced IFRS. The experiences and implications from the KEPCO case can provide helpful guideline for other public corporations, when they try to introduce IFRS.