사업결합회계의 제도 및 연구동향 개관

This paper examines the turmoils and tensions surrounding the institutional changes of business combinations accounting regimes. I draw particular attention to a number of historical developments, which may have intensified the challenges posed by the accounting regimes, including firms’ choice between capital expenditures and business combination, technology, means of payent for business combination, stock price movements, the synergies created by business combination, and creative accounting. It also provides a literature review on the research undertaken since the introduction of the impairment－only approach. In this review, extant literature is distinguished into four broad areas. The first comprises studies on purchase price allocation and initial goodwill recognition. Studies document that companies allocate large proportions of the acquisition cost to goodwill, influenced by managerial incentives. The second area relates to whether goodwill should be interpreted as an asset and conveys information value. Studies document that purchased goodwill has value relevance as well as predictive value for future operating performance. Some evidence suggests that the information value of goodwill has increased after the introduction of impairment－only approach. The third area relates to the subsequent measurement of goodwill. The studies find that goodwill charges decrease after the impairment－only approach is introduced. Studies on determinants of goodwill impairments find that impairments tend to be associated with proxies for the deterioration of the economic value of goodwill as well as with firm－level and managerial incentives. Several studies conclude that managers use the discretion inherent in goodwill accounting rules to delay necessary impairment losses. The last area summarizes the evidence on the influence of earnings management on goodwill accounting. Some studies indicate that impairments are associated with smoothing, big bath accounting as well as managerial and firm－level incentives. This review paper contributes to the literature by providing insights into future research directions.