K-IFRS하에서 오류수정으로 인한 재무제표 재작성의 문제점 - 사례분석을 중심으로 -

K-IFRS No. 1008 stipulates that when material prior errors are found, without requiring that the contents of such material errors be specifically disclosed, an entity shall correct material prior period errors retrospectively in the first set of financial statements authorized for issue after their discovery. When financial statements are restated, the correction of errors shall not affect net income for the current period because, corporations may be tempted to create intentional errors and disclose distorted financial statements based on errors, and correct those errors in subsequent periods. Through a case study based analysis of corporations, this paper proves that the correction of errors by restating financial statements under the K-IFRS No. 1008 could lead to earnings management. The case study reveals that two of the analyzed corporations registered reduced net income when their income statements were restated such that the correction of errors were reflected in the net income of the current period, and one of the corporations witnessed its positive income turn into losses. This demonstrates that corporations can intentionally create errors that generate positive effects on net income and publish artificially larger net incomes in the income statement of the present period, and in the following year, correct such errors through the restatement of financial statements. This may confuse users of financial statements. Moreover, it was found that even errors that should have been reflected in the net income, if the correction of such errors had been accounted for as “change in accounting estimates” based on the decision of the management, were actually corrected through “restatement of financial statements.” If adjustment is accounted for in the form of “correction of errors,” instead of a “change in accounting estimate,” they are not to be included in the net income of the current period and are disclosed through the restatement of financial statements, leaving room for earnings management. The disclosure of distorted financial statements will ultimately mislead the decision of users of accounting information. Accordingly, the K-IFRS No. 1008 provision where the effect of correction of errors is not included in the net income of the fiscal period when such correction is made and the financial statements are allowed to be restated in later periods, needs to be revised and improved. Meanwhile, given that the authority to make revisions to the K-IFRS lies with the IASB, apart from the continuous requests for revisions, more stringent mandatory disclosures of correction of errors for the sake of investor protection is urgently called for.