K-IFRS 제1116호(리스)기준이 연속항해용선계약(CVC)에 미치는 효과 : 대한해운을 중심으로

This paper investigates the effects of new lease accounting standard, K-IFRS 1116, on the leassor’s accounting using a case study. The subject of case is the CVC (Consecutive Voyage Charter) of merchant carrier service company. The CVC is a contract agreement for a vessel to undertake a series of consecutive voyages between two ports. The shipowner pays for all voyages costs such as bunkers and port charges and gets paid by a consigner. The shipping companies have considered the CVC as a service transaction, not as a lease, and accounted for all income amount as sales revenue. However, external auditors of shipping companies point out that the CVC contacts may include lease terms and the regulatory agencies also ask shipping companies account the CVC as a lease and follow the accounting standard, K-IFRS 1116 (Lease). This study explains lessor’s accounting of K-IFRS 1116 using the CVC contracts of Korea Line Corporation and its effect on the financial statements. This paper also addresses a few other issues such that interest parties can have different opinions on the revision of lease accounting, the K-IFRS 1116 has an important effect on the lessor’s as well as on the lessee’s accounts, and regulator’s accounting guideline may decrease the comparability of lease accounting information.