금융기관의 회계처리기준에 관한 연구

This article intends to review the inconsistency between accounting stipulations of Financial Law and K-GAAP, and to propose improvement recommendations. 1. The name and scope of the financial statements in Insurance Companies should be revised. In other words, the name of 'balance sheet' should be changed into 'statement of financial position.' Also, 'statement of appropriations of retained earnings' (or 'statement of disposition of deficit') should be excluded in financial statements. 2. Both 'ordinary shares(capital stock-common)' and 'preference shares (preferred capital stock)' have been contained within equity according to Korean Commercial Code. Whereas, K-GAAP have been divided a 'preference shares' into a financial liability or an equity instrument. But 'preference shares' should not be divided into financial liability in order to protect creditors. 3. Dividends should be calculated by deducting 'unrealized gains' as well as 'capital adjustments,' 'unappropriated retained earnings' from the net assets on the balance sheet. Also, Quarterly dividends should be calculated by deducting 'unrealized gains' from the net assets on the balance sheet of the preceding period for the settlement of accounts.