국가재무제표의 회계오류와 회계보수주의 간의 관계: 중앙관서를 중심으로

This study empirically analyzes the effect of accounting errors in government financial statements on accounting conservatism. Since the adoption of accrual-basis government accounting, cumulative accounting errors over a nine-year period have amounted to approximately 200 trillion KRW. These errors have been identified as factors that undermine the accuracy and reliability of financial statements, thereby reducing accounting quality. In response, the government has an incentive to adopt more conservative accounting practices to restore accounting quality and fulfill its accountability obligations. The analysis covers 42 central government agencies for the fiscal years 2011 to 2020. Accounting errors are measured by the presence, amount, and ratio of prior period error adjustments, as well as the number of errors identified by the Board of Audit and Inspection. Accounting conservatism is measured using the ratio of allowance for doubtful accounts on short-term receivables and the amounts recorded under conservatively recognized profit and loss accounts. The results indicate a tendency for more conservatism in the year following a higher occurrence of accounting errors, with some of this effect being stronger depending on the types of ministries. These findings suggest that the government utilizes conservatism to restore the credibility of its financial statements, reduce information asymmetry with the public, and ultimately fulfill its public accountability.