프로젝트 파이낸싱 사업에 대한 이해와 회계 이슈 : 건설사 금융보증계약을 중심으로

Following the implementation of the Korean International Financial Reporting Standards No. 1109 (Financial Instruments) in 2018, construction companies are now required to assess financial guarantee contracts issued for developers of construction projects at fair value and subsequently measure them at the amount corresponding to expected credit losses. This departure from previous standards, where provisions were recognized only when a firm has a probable present obligation leading to an outflow of cash or other economic resources, is expected to more effectively capture the risks borne by construction companies. This study aims to meet the increasing demand for information regarding project financing by analyzing a recent case in the bridge loan phase. Specifically, this study suggests practical criteria for assessing the ‘feasibility of transitioning to main project financing’ when determining whether the credit risk associated with financial guarantee contracts has significantly increased. For example, the failure in rolling over asset-based short-term bonds, along with critical delays in key milestones of construction projects serves as crucial indicators of the deteriorating feasibility of development projects. Furthermore, this study suggests that asset securitization can leverage information leaked from various participants, including securities firms and credit rating agencies, for auditors and regulators. However, to enhance the information role of auditors and the regulator, this study argues for increased disclosure of project-financing related information to the public.