가상자산의 회계처리, 공시 그리고 시장 반응

Despite the rapid growth of the virtual asset market, uncertainty regarding the accounting treatment and disclosure of virtual assets remains high. Against this backdrop, this study aims to: (1) comparatively analyze the accounting treatment and disclosure principles for virtual assets under International Financial Reporting Standards, US Generally Accepted Accounting Principles, and Korean accounting standards and supervisory guidelines; (2) explore the current status of virtual asset disclosures, determinants of holding virtual assets, and determinants of disclo sure quality using the 2024 business reports of Korean listed companies; and (3) examine the impact of such disclosures on the capital market. The analysis reveals that only a small number of Korean companies disclosed information related to virtual assets, and their disclosure quality was generally inadequate with significant disparities among companies. Firm size, debt-to-equity ratio, profitability, and accruals significantly influenced the decision to hold virtual assets. Furthermore, the quality of virtual asset-related disclosures was significantly lower for companies that received a qualified audit opinion. Conversely, the disclosure of virtual asset holdings and the qualitative and quantitative levels of these disclosures were not found to have a statistically significant impact on short-term stock returns on the disclosure date. This study provides a comprehensive analysis of internat ional trends in virtual asset accounting standards and the initial disclosure practices in Korea. It empirically demonstrates that the market reaction to virtual asset information disclosure is minimal.