국제회계기준(IFRS)을 조기 도입한 수출기업 사례연구

The purpose of this case study is to review how Korean export-oriented firms are affected by adopting IFRS(International Financial Reporting Standards), and to provide an opportunity for students to acquire deeper understanding on the IFRS. To achieve this purpose, we first review the basic principles of the IFRS and international trend in adopting IFRS by other countries. And then, we review the differences between IFRS and current Korean GAAP. Based on this preliminary review, we advance to examine a few cases of Korea export-oriented firms, which have adopted IFRS already, to find out how these firms are affected by the adoption of IFRS. Through this, we could find whether the adoption of IFRS might have positive or negative effect on the firms' competitive position. Our analysis reveals that the adoption of K-IFRS could have potentially significant effects on the net income, assets or liabilities and owners' equity of export-oriented firms. Specifically, export-oriented firms are affected significantly by foreign currency translation and the adoption of functional currency concept. Also, the rule differences in tangible assets, employment benefits and consolidation among others could have significant effect on the price competitiveness of export-oriented firms either positively or negatively. Consolidation scope is expected to change, some may be reduced or some may be expanded, depending on firms’ specific situation, which may affect firms' financial status significantly. The revaluation of firms’ property, plant and equipments could have significantly negative effect firms’ export price competitiveness since depreciation expenses, and therefore cost of goods sold can be increased significantly by revaluation surplus. In sum, this case study will provide the useful information for what is most important factors in improving the international competitive and the value of export-oriented firms when the firms have to adopt IFRS eventually.