K-IFRS 도입 후 세무 상 변화에 대한 국내 은행의 사례연구

This study examines a bank case to analyze how the change of accounting standards from K-GAAP to K-IFRS has an effect on corporate tax adjustment and taxable income. We particularly focus on allowance for bad debts, hybrid bonds and tangible assets which would have the most significant change in banking industry from accounting and tax perspective. We also identifies whether special tax provisions newly addressed in K-IFRS appropriately prevent the significant increase of taxable income and the confusion in tax adjustments. This study result in the following findings: First, the adoption of K-IFRS increased taxable income of the bank in 2011, but the actual increase was reduced to some extent by special tax provisions. Taxable income increase is due to sudden decrease of allowance for bad debts and change in depreciation estimation. Increase in taxable income is reduced because of special tax provisions that allow deferral of tax revenue recognition of allowance for bad debts and additional tax deduction in depreciation. Second, the amount of deferred taxable income that scheduled for payment after 2011 is still significant. In addition, as tax adjustments increased, they do not have an effect on taxable income but need continuous monitoring. We consider that these increases were fundamentally caused by significant gap between current tax provisions and newly adopted accounting standards. Therefore, temporary measures such as special tax provisions shall not resolve the problems to the full extent. The results of this study may not be applicable to other banks or general industries. However, we expect that the results will help establish a framework on book-tax adjustment after adoption of K-IFRS for students who study K-IFRS and researchers who shall suggest amendments of current tax provisions. We show the full process of deriving taxable income starting from K-IFRS based accounting adjustments and tax adjustments by using condensed financial statements.