K-IFRS 1109 제정이 금융자산의 분류 및 측정에 미치는 영향

This study examined the effects on the classification and measurement of financial assets and the changes of related accounting practice by the adoption of K-IFRS 1109. With regard to the effects on the classification and measurement of financial assets, 1) simplification of classificaton of financial assets into two categories, financial assets as subsequently measured at either amortised cost or fair value, 2) permission of an irrevocable election to present in other comprehensive income subsequent changes in the fair value of an investment in an equity instrument that is not held for trading, 3) in principle, equity instruments must be measured in a fair value, but in the case of equity instruments without market prices, cost may be an appropriate estimate of fair value, 4) only when the entity changes its business model for managing financial assets, reclassification can be made, 5) a hybrid contract with financial host is classified in its entirety in accordance with K-IFRS 1109. Therefore, while debt instruments can be classified financial assets as measured at either amortised cost or fair value, all the equity instruments must be measured in fair value. However, the equity instruments can be subdivided into "a financial asset as measured at fair value through profit or loss", and "a financial asset as measured at fair value through other comprehensive income. In addition, while reclassification cannot be made in the equity instruments, it can be made in debt instruments only in case of changing the business model, because reclassification can be made between the amortised cost and fair value categories. The K-IFRS 1109 is substituted with only the classificaton and measurement of financial assets in the existing financial accounting. There is still much to be learned about the overall changes in financial accounting standards including financial liabilities, impairment methodology, hedge accounting, etc.