국제회계기준 재무정보 비교가능성 제고 방안에 대한 연구

This study investigates underlying reasons for the deteriorating the comparability of financial statements under IFRS. In order to identify factors that deteriorate the comparability, this study conducts surveys over 139 external auditors, 91 financial analysts, and 65 financial statements preparers. External auditors have on average 11 years of audit experience and financial analysts have on average 6 years of relevant practical experience. Financial statement prepares also have 11 years of relevant experience. For the design of survey, this study identifies over 40 factors that cause the deterioration of comparability across companies. These factors include format of financial statements, contents of footnotes, and those related to principle-based accounting standards, etc. Based on the survey results, this study proposes various suggestions for the Korea Accounting Standards Board and other regulatory bodies. While there are slight differences across responding groups, most respondents agree that diversity over the extent of operating income across firms, the lack of standardized financial statements format, discretion of subsidiaries to consider preparing financial statements, discretion of accounting estimations and need for subjective management judgment on various accounting issues affect the comparability of financial statements. Seventy-two (seventy-six) percent of external auditors (financial statements preparers) express that comparability has declined in some or great extent. This suggests that users of financial statements feel more difficulty in interpreting the statements and therefore must force more detailed disclosures over financial statements. Eighty-nine percent of financial analysts express that the comparability has declined in some or great extent. This study suggests some changes and improvements to regulatory bodies for those problems identified through surveys on external auditors, financial analysts, and financial statements preparers. In order to apply the concept of de facto control in a consistent manner, the footnotes must disclose detailed underlying assumptions in determining subsidiaries. Voluntary standardization over the computation of operating income may be considered as a rule of stock exchanges. The need for consistent interpretation and application by regulatory bodies and external auditors are important in order to mitigate the existing problems. More detailed disclosures are needed for certain areas that require substantial judgment by management. Also, close cooperation among regulatory bodies and such interested parties as external auditors, financial analysts, institutional investors, and preparing firms are important. In particular, as details of IFRS are constantly changing, regulatory bodies should provide help and any necessary technical support for financial statements preparers in dealing with accounting treatments. These efforts would help the preparers interpret and apply difficult accounting issues in a more consistent and standardized manner. This study introduces EFRAG(The European Financial Reporting Advisory Group) and their EECS-Database as an example on how to deal with urgent and potential accounting issues in applying IFRS. Under IFRS, sufficient information on assumptions for accounting issues that require substantial estimation and judgments must be fully disclosed. Sufficient disclosures prevent management from making opportunistic decisions on financial reporting. In order to reduce the cost of disclosure, more sophisticated XBRL systems can be utilized. Also, examples of good/bad disclosure cases are given to firms on a regular basis so that financial statements preparers and users are more aware of the importance of financial reporting. Introducing an independent organization such as Financial Reporting Panel(FRP) of Australia or Financial Reporting Review Panel(FRRP) may be helpful in improving disclosure quality. The introduction of IFRS has fundamentally changed accounting environment. Thus, the role of regulatory bodies is increasingly important in the successful implementation of IFRS.