연결범위의 현황 및 공시에 관한 연구

[Purpose]This study analyzes the current states of subsidiaries included in the consolidated financial statements of listed companies, and proposes measures to increase the usefulness of disclosed information on firms’ judgments on the scope of consolidation. [Methodology]We analyze descriptive statistics of subsidiaries using panel data of 16,869 firm－years that prepared consolidated financial statements from 2000 to 2019. We also select the top 10 companies based on consolidated total assets as of the end of 2019 and analyze the disclosures on the consolidated subsidiaries in their annual reports and consolidated audit reports. [Findings]Our main findings are as follows: First, after the introduction of K－IFRS, the scope of consolidation has been expanded. In particular, the number of subsidiaries included in consolidation under de facto control has increased. Second, disclosures on subsidiaries were prepared mainly for the purpose of complying with regulations and guidelines. As a result, financial statement users have difficulties in understanding the process of determining the scope of consolidation and evaluating its adequacy. [Implications]This study contributes to prior literature on consolidation by providing suggestions to improve the usefulness of disclosures on the scope of consolidation. Our suggestions are expected to reduce information asymmetry between managers and external information users and enhance the usefulness of the consolidated financial statements.