패키지 공급계약의 수익인식에 대한 사례연구: 새로운 수익인식 기준(K-IFRS 1115호)의 적용

Since 2018, K-IFRS 1115 replace previous accounting standards for revenue recognition, which would bring a big changes. The previous accounting standard required to recognize revenue when risk and reward are transferred. However, K-IFRS 1115 requires recognition revenues based on whether the performance obligation has been fulfilled. The revenue recognition according to K-IFRS 1115 is highly dependent on management's discretionary decision, which allows aggressive revenue recognition by satisfying obligations only formally. This study addresses problems of new revenue recognition standard by examining two package sales contracts of an online game company, and implant goods manufacturers. By abusing the discretion allowed in revenue recognition, those firms manipulate financial outcomes, for example, debt ratio or profitability measures, which show that managers could mislead users of financial statements prepared according to K-IFRS 1115. Therefore, a firm should objectively distinguish the obligation to perform the goods and services provided in applying K-IFRS 1115, and recognize revenues according to economic substance. This case study shows that the implementation of the performance obligation is critical in revenue recognition. This case provides insights regarding adoption of K-IFRS 1115 to stakeholders including the users of accounting information, and policy makers.