금융상품의 투자자 관점에서의 회계처리: 복합계약을 중심으로

This study illustrates the accounting treatment for hybrid contracts from an investor’s perspective. Hybrid contracts are financial instruments that are issued in the form of traditional financial instruments, such as stocks and bonds, and additionally embed derivatives that may alter the contractual cash flows of the financial instruments. Fully understanding the accounting treatment for hybrid contracts is important for investors because of the complexity of the relevant accounting standards and the effect of accounting treatment on asset management decisions. In accordance with the Korean International Financial Reporting Standards No. 1109 (equivalent to IFRS 9), this study emphasizes the importance of classifying financial instruments into either debt or equity instruments, and illustrates how the classification, together with other details of the contracts. affect the subsequent measurement of the financial assets. In addition, the study presents detailed examples of popular hybrid contracts, i.e., callable bonds and redeemable convertible preferred stocks, and applies the theoretical discussions. Moreover, actual cases of various types of other hybrid contracts, such as convertible bonds, and equity-linked securities, are provided as exercises to help readers better understand the investors’ accounting treatment for financial instruments. This study provides a timely discussion of the new accounting standards from an investors’ perspective and thus contributes to both the literature and practice.