규제자산 및 규제부채 기준서 도입이 에너지산업의 수익 인식에 미치는 영향

[Purpose]This study examines the key elements of the International Accounting Standards Board’s 2021 Exposure Draft ‘Regulatory Assets and Regulatory Liabilities’ and analyzes the impact of its adoption on revenue recognition and disclosures of KEPCO and KOGAS, which represent the Korean energy industry. [Methodology]To assess the presence of regulatory assets, focusing on the enforceability of gross－cost compensation, this study delves into Korea’s current electricity and gas rate regulatory framework. It also presents instances of how regulatory assets are measured and reported in the 2022 financial statements of two major companies, presupposing the recognition of these assets. [Findings]The findings indicate that KEPCO may not recognize a regulatory asset, attributed to the limited enforceability of gross cost compensation, influenced by the government’s authority to control rate hikes. Conversely, since KOGAS has been offsetting receivables against the cost of goods sold, following government sanction of settlement gains and losses on raw materials, it is probable that KOGAS will recognize both regulatory assets and revenues and this shift will bring changes in measurement including the consideration of the present value of future cash flows. [Implications]This study provides key considerations for practical implementation to regulators and rate－regulated firms when adopting upcoming standards.