연금계리 관점에서 살펴본 연금충당부채 정부공시의 적합성

The financial sustainability of public pensions whose funds are being exhausted or already exhausted would have to depend either on pension reforms within the systems such as premium increases or on financial support out of the systems such as government compensation grants. Current Pension Accounting Treatment Guidelines of the government require only Korea Civil Servants and Armed Forces Pension Schemes to project pension provisions on an annual basis. This study proposes potential improvements to the current guidelines after examining the issues related to the projection of pension provisions. First, Pension Accounting Treatment Guidelines need to adopt an open group valuation under ongoing basis while eliminating the current closed group valuation under winding-up basis, which is applied to retirement pension schemes, The reason is that, although the sustainability of the two pension schemes above corresponds to a social contract operated under the same values as the sustainability of the government, the guidelines require pension provisions to be projected for current participants (workers and pensioners) in accordance with IFRS 19, which is inconsistent with the basic premise of the operation of the system. Second, it is in line with the purpose of accounting to apply cash basis accounting instead of accrual accounting to the public pensions above because both pensions are already in the state of depletion (with only a minimum amount of liquidity fund) and thus converted into pure Pay-As-You-Go systems whose revenues and expenses are balanced every year only with government's explicit financial compensation grants. In conclusion, the amount of pension provisions is always zero if an open group measure is applied to project the provisions given government compensation grants and thus issues related to nation debt never exists. It is sufficient enough to disclose only the revenue and expenditure items of the current fiscal year in the financial statements.