국제회계기준의 도입에 따른 문제점과 개선방안

IFRS are standards and interpretations adopted by the IASB. In an effort to keep pace with the international trend for unified accounting standards as well as to enhance accounting transparency and quality of our firms in the world, our country also announced the road map to adopt the IFRS on March 15, 2007. As of 2010, more than 117 countries around the world, including all of europe, currently require or permit IFRS reporting. And Korea will force IFRS reporting for all domestic, listed company from 2011. Although our country formalized IFRS adoption, there are few studies at present analyzing its potential impact. IFRS are considered principles based set of standards in that they establish board rules as well as dictating specific treatments. The ultimate parent holding company of a group must produce consolidated financial statements including all of its subsidiaries. All assets and liabilities must be evaluated by fair value. Property, plant and equipment may be revalued to fair value if the entire class of assets to which it belongs is so treated. And IFRS specify more detail on investment properties. The results of this study can be useful for our firms and regulatory agencies to take necessary actions in preparation for the IFRS soon to be adopted. As previously mentioned, adoption of the IFRS is expected not only to affect preparation and reporting of financial statements, but also to influence firms' operating activities in general such as operating process, information system, and personnel organization significantly. Unless we do not fully recognize and are not well prepared for such impact and implications of IFRS adoption.