IFRS 이후 비상장주식의 공정가치평가: 주식회사 Y 사례

According to the K-GAAP, non-marketable securities are recorded based upon fair values with the exception so that only a few firms recorded non-marketable securities based on fair values. Listed firms in Korea, however, should apply IFRS since 2011, fair value accounting became widely used since exceptional rules are no longer effective under IFRS. Since there is no appropriate guidelines for fair value accounting in Korea, we may face wide variances in fair value estimates among different evaluation institutions. This study examines the fair value methods of non-marketable securities applied by the Corporation Y which owns three non-marketable securities. Two out of three securities were measured at cost because the book values were less than or equal to net assets carried by the holding company. Remaining one security was recorded at the fair value which is measured by the independent accounting firm using the Discounted Cash Flow method. It is, however, quite difficult for auditors and investors to determine whether forecasts of future cash flows and future discount rates are appropriate without any standards or guidelines of implementing the DCF method. Especially, it is possible for financially unstable firms to overestimate fair values of unlisted securities so that auditors may face higher audit risks. Appropriate standards of evaluation and auditing are quite urgent to enhance transparency of fair value accounting.