전기오류의 수정: M메디 사례를 중심으로

The Financial Supervisory Service (FSS) in Korea, after conducting inspections on the accounting treatment of research and development (R&D) expenses in pharmaceutical and biotech firms, released specific guidelines about the capitalization of R&D costs. The FSS also announced that it would not impose penalties if firms voluntarily correct errors in R&D accounting and restate their financial statements. As a result, several firms in pharmaceutical and biotech industries restated their financial statements. This case introduces a restatement of M-Medi Corp., which develops stem cell-based drugs and runs cord blood bank businesses. It released four different versions of financial statements for year 2017 as it corrected errors in R&D accounting and also changed accounting policies on lands and investment properties. This case raises a question of whether the information about correction of prior period errors is property provided to information users. This case also identifies relevant issues about accounting on R&D expenditures and the correction of prior period errors, and reviews related studies on these issues. Overall, this case provides insights into the effect of prior period error corrections on the usefulness of financial information.