교환사채 발행자의 회계처리: 별도와 연결재무제표에서 교환권의 부채⋅자본 분류

This study aims to enhance the understanding of the issuing firm’s accounting treatment for exchangeable bonds under the International Financial Reporting Standards through a case study. An exchangeable bond is a bond that can be subsequently exchanged with shares that the issuer owns, including other entities’ shares or the issuer’s treasury stock. In the issuer’s financial statement, other entities’ shares are considered financial assets, whereas the issuer’s own shares are deducted from equity. Due to such a difference, the accounting treatment for exchangeable bonds depends on the type of exchanged stocks. Notably, the accounting treatment for exchangeable bonds that can be exchanged to subsidiaries’ shares may differ between separate and consolidated financial statements because subsidiaries are considered different entities in separate financial statements but part of the issuing entity in consolidated financial statements. The differing accounting treatment in separate and consolidated financial statements is a unique feature observed only for exchangeable bonds. This study illustrates the accounting treatment using actual cases of exchangeable bonds that can be exchanged to subsidiaries’ shares. This study will guide students and practitioners with the accounting treatment of exchangeable bonds, which has not received much attention in the literature. Furthermore, the study will help fix the accounting error commonly reported in practice regarding the accounting treatment of exchangeable bonds.