가상자산 발행자의 수익인식 시점 및 수행의무 식별에 관한 연구: 감독지침 이후의 문제점과 개선방안

The issuance of digital assets presents significant uncertainties regarding the timing and method of revenue recognition due to the intrinsic and technical complexities of these transactions, as well as the evolving legal and regulatory landscape. Despite the financial authorities' issuance of the “Supervisory Guidelines for Accounting Treatment of Digital Assets” in late 2023, clear criteria for identifying and determining the completion of issuers' performance obligations remain lacking. This study addresses the ongoing lack of consensus on revenue recognition timing, which has resulted in practical challenges for issuers, including delays in revenue recognition even after fulfilling performance obligations. We explore the difficulties and issues in identifying performance obligations from the perspectives of contract nature and performance obligations of digital asset issuers. Additionally, we review international cases related to revenue recognition by digital asset issuers, present disclosure practices, and post-guideline opinions of domestic issuers through interviews, and provide an in-depth analysis of revenue recognition accounting standards in other domestic industries. The study proposes a solution to allow for revenue recognition within the cost incurred, even if the results of performance obligations cannot be reasonably measured, to prevent indefinite delays and ensure economic substance is not distorted while achieving the objectives of accrual accounting. This research serves as an educational resource for learners and potential investors, offering practical guidance for industry practitioners and external auditors, and provides policy implications for timely and appropriate revenue recognition accounting in the digital asset industry. Additionally, it significantly contributes to the field by deeply exploring the revenue recognition issues of digital asset issuers through interviews, an area previously underexplored.