K-IFRS의 도입이 대손충당금에 미치는 영향: 상호저축은행 사례연구

This paper presents a case study on the impacts of differences between the Korean International Financial Reporting Standards(K-IFRS) and the previous Korea-Generally Accepted Accounting Principle(K-GAAP) on changes to the accounting standards for allowance for bad debts at mutual savings banks. K-GAAP defines allowance for bad debts with estimated uncollectible account for bonds whose collection is uncertain according to rational and objective criteria, categorizes bonds into the normal, cautionary, and fixed category according to the asset quality criteria based on the detailed rules for the supervisory operations of mutual savings banks by the Financial Supervisory Board, and demands for the consideration of minimum reserves for each category by applying a certain percentage. The K-IFRS to be applied to listed mutual savings banks starting in 2011 adopts the accrual basis model, which estimates allowance for bad debts based on objective evidence for actual impairment to financial assets instead of predicted impairment. While individually important reserves follow an estimation procedure for individual reserves by individually reviewing whether there is objective evidence for impairment, the other financial assets are subject to collective reserves by reviewing whether there was impairment in a collective manner. When estimating allowance for bad debts according to individual reviews based on K-IFRS in the case study, the investigator estimated credit loan by estimating a future cash flow according to the Operating Cash Flow Act and discounting it with the current value and mortgage loan by estimating a future cash flow according to the Collateral Value Management Act and discounting it with the current value. In case of B Mutual Savings Bank, its estimated allowance for bad debts increased by more than 60% when K-IFRS was applied compared to when K-GAAP was applied, which result shows that the K-IFRS reflects the fact that mutual savings banks give loans to common people with small assets, have a relatively bigger percentage of PF loans, and thus are faced with a greater risk than nationwide banks. Those findings offer implications as to whether it is valid to apply K-IFRS to mutual savings banks that have nothing to do with international affairs. We need to discuss allowance for bad debt continually with case study because this amount is very important in respect of mutual savings banks financial statement.