유형자산 공정가치평가선택요인의 재조명

With the adoption of Korean International Financial Reporting Standards (“K-IFRS”) there will be a broader application of fair value accounting in Korea from 2011. As a prelude to the full adoption of K-IFRS, Statement on Korean Financial Accounting Standards No. 5, 'Property, plant and equipment' was revised at the end of 2008 to provide companies with an option to apply either fair value or cost accounting for tangible assets. The purpose of this study is to provide a reference for financial accountants and standard setters in considering fair value accounting for tangible assets as an option for financial accounting. For this purpose, the financial reports of companies registered with the Korea Stock Exchange and KOSDAQ were analyzed for two years. Based on this study, in terms of financial aspects, companies that were loss making, had low equity ratios, low credit ratings, high ratio of assets subject to fair value accounting, and were relatively large companies in size tended to elect fair value accounting for tangible assets. In terms of non-financial aspects, companies in the high-tech industry and hiring non-big 4 audit firms(for companies listed on KOSDAQ) tended to adopt the fair value accounting model, with no significant correlation to companies with a cross-border listing or that have early adopted IFRS. The study also noted that companies which applied fair value accounting in 2009 had higher equity ratios, better credit ratings, and better profitability compared to companies that applied fair value accounting in 2008. This study focuses on the companies that have applied fair value accounting under the concept provided by IFRS rather than asset revaluations permitted for tax purposes in the past. This study also analyzes additional qualitative variables such as high-tech industry, audit quality, cross-border listing and early adoption of IFRS and the segmented markets.