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수록정보
수록범위 : 1권1호(1993)~31권4호(2022) |수록논문 수 : 1,347
회계저널
31권4호(2022년 08월) 수록논문
최근 권호 논문
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KCI등재

저자 : 조정현 ( Jeonghyeon Cho ) , 고재민 ( Jaimin Goh ) , 주맹정 ( Mengzhen Zhu )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 1-31 (31 pages)

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주가급락은 기업의 주가가 예측 가능성 없이 단기간에 급격히 하락하는 현상으로, 기업 정보, 특히 부정적인 정보의 불투명성 때문에 발생하는 것으로 알려져 있다. 한편 특정 기업에 대한 정보가 다른 기업의 의사결정에 영향을 미치는 현상을 정보이전효과라 하는데, 그 중에서도 특히 가치평가에 미치는 영향이 주로 연구되고 있다. 본 연구는 주가급락과 정보이전효과에 관한 선행연구를 바탕으로 동종 산업의 타 기업에서 주가급락이 발생했을 때, 관심기업의 회계 불투명성이 높을수록 관심기업의 주가가 하락하는지를 분석하였다. 타 기업의 주가급락을 목격한 시장참여자가 주가급락의 원인인 회계 불투명성에 보다 민감하게 반응할 것으로 예상할 수 있기 때문이다. 실증분석 결과는 다음과 같다. 타 기업에서 주가급락이 발생한 사건일에, 관심기업의 재량적발생액이 높을수록 관심기업의 가중평균 누적초과수익률은 유의하게 하락하였다. 또한 이와 같은 관심기업에 나타난 주가 하락은 산업의 경쟁강도가 클수록 강하게 나타났다. 이는 산업의 경쟁강도가 클수록 타 기업과 관심기업의 관련성이 더 높기 때문이라고 해석할 수 있다. 본 연구의 결과는 시장이 기업의 회계 불투명성을 위험요인으로 인지하고 있으며, 이를 주가에 반영하고 있다는 사실을 보여준다. 그러나 주가급락이나 발생액 이상현상과 같은 선행연구는 시장이 기업의 회계 불투명성에 대하여 충분히 효율적이지 않다는 사실을 보여준다는 점을 감안할 때, 이는 사후적이라는 점에서 한계를 가진다고도 할 수 있다. 따라서 본 연구는 투자자나 재무분석가, 금융당국 등이 회계 불투명성을 가치평가에 사전적으로 반영하여 시장 효율성을 개선할 필요가 있다는 사실을 시사한다.


A stock price crash means firm's stock price falls dramatically in a short period. It is known to be caused by the opacity of corporate information. Meanwhile, the event of a specific firm affects other firms' decision-making, which is called the information transfer effect. Based on the prior studies regarding the stock price crash and the information transfer effect, this study examines how the focal firm's stock price reacts according to its accounting opacity when the stock price crash occurs in other firms in the same industry. We hypothesize the more opaque the focal firm's accounting, the larger the stock price of the focal firm declines when the stock price crash occurs in other firms, that is, the information transfer effect. It is because market participants who witness the stock price crash of other firms react to the focal firm's accounting opacity more sensitively. We also hypothesize the more correlated the relationship between each firm in the industry, the greater the information transfer effect. The stock price crashes occurred in correlated firms would attract the attention of the focal firms' investors. We measure the likelihood of stock price crashes based on the firm-specific weekly returns exceeding 3.09 standard deviations below its mean value in the normal distribution. The observations in this area correspond to less than 0.1% of the total ones and we categorize them as the stock price crashes. We define the event date of the information transfer effect by applying the following two principles. First, when the stock price crashes are observed in other firms several times, we use the first one for the event date. Second, We set the last day of the week of the stock price crash as the event date. The dependent variable is the weighted average cumulative abnormal return (CAR) of the focal firm. The accounting opacity, the first explanatory variable, is calculated using the absolute value of discretionary accruals with the modified Jones model (Dechow et al. 1995). We use the intensity of product market competition to measure the relationship between each firm, the second explanatory variable. Specifically, we apply the Herfindahl-Hirschman index (Grullon and Michaely 2007; Giroud and Mueller 2011) to the measure. The results of the study are as follows. First, the higher the discretionary accruals of the focal firm, the lower the cumulative abnormal return of the focal firm during the stock price crash in other firms. Second, the higher the market competition intensity in the industry, the greater the information transfer effect, in other words, stock price declines more. Furthermore, we perform two additional analyses. First, we retest the hypotheses by dividing the discretionary accruals into positive and negative values and find the same results as above in the positive value. This asymmetric result shows that investors recognize positive discretionary accruals as bad news. Second, we reanalyze the hypotheses using the group with the largest, the smallest, and the most similar market capitalization according to the firm where the stock price crash occur, and find the same results in the first and third groups. This result means that large firms in the stock market and closed firms to the focal firm have greater influences on the focal firm. Overall, the results of our study show the capital market recognizes corporate accounting opacity as a risk factor and reflects it in stock prices. The results, on the other hand, show that the capital market is not efficient enough for the accounting opacity, and has limitations in that their valuation are posterior. Therefore, this study suggests that market participants need to be more efficient by valuing accounting opacity proactively.

KCI등재

저자 : 김현정 ( Hyeonjung Kim ) , 이승재 ( Seungjae Lee )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 33-71 (39 pages)

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본 연구는 우리말 사업보고서의 가독성이 잠정실적공시 가능성과 공시 오차 및 편의에 미치는 영향을 검증하였다. 난독화 이론에 따르면, 경영자는 부정적인 회계정보가 주가에 반영되는 속도를 늦추기 위해 사업보고서의 가독성을 조절할 수 있다. 가독성이 낮은 사업보고서를 공시하는 경영자는 실적에 대한 예상정보가 시장에 반영되는 것을 촉진하거나 늦추기 위해 잠정실적을 공시할 것이다. 사업보고서의 전체 길이, 단어 길이, 문장 길이, 단어의 복잡성 등을 이용하여 세 가지 방법으로 사업보고서의 가독성을 측정 및 분석한 결과는 다음과 같다. 첫째, 사업보고서의 가독성이 낮을수록 경영자가 잠정실적공시를 할 가능성이 높아졌다. 이와 더불어 사업보고서의 가독성이 낮을수록 잠정실적공시의 오차가 증가하였으며, 이러한 상관관계는 낙관적으로 성과를 예측한 표본에서 더욱 두드러지는 것을 확인하였다. 이는 가독성이 낮은 사업보고서를 공시하는 경영자는 기회주의적으로 잠정실적공시를 수행할 가능성이 존재하며, 낙관적인 실적 공시를 통해 부정적 성과를 숨기고자 하는 경영자의 의도가 공시전략에 반영되는 것을 의미한다. 본 연구는 언어적 특성이 회계정보의 질적 속성과 관련되어 있다는 선행연구를 확장하여 경영자는 회계정보의 적시성을 조절하기 위해 우리말 사업보고서의 언어적 특성을 활용한다는 실증증거를 제시했다는 데에 의의가 있다.


This paper investigates how the readability of annual reports affects the manager's timely disclosure decisions. The manager's intention would be reflected in the linguistic characteristics of the annual reports since they are prepared according to a regulated format(Lee 2017). So, it is important to understand the language characteristics which are contained in the reports. Information in poorly readable annual reports is less likely to be reflected in stock prices as investors might less use the information due to high information processing costs. According to previous studies on annual report readability, as the earnings quality is lower, managers with an opportunistic purpose disclose unreadable annual reports(Jung et al. 2018). According to the obfuscation theory, managers would control the readability of annual reports to make unfavorable accounting information slowly reflected in the stock price. Managers who disclose unreadable annual reports will disclose preliminary earnings to facilitate the reflection of favorable information on price. Opportunistic managers can use disclosure of preliminary earnings to offset negative accounting information contained in annual reports. Disclosure of preliminary earnings serves to assist market investors in their decision-making by providing performance information before the publication of annual reports(Sohn and Lee 2005; Baik et al. 2012). However, since the preliminary earnings are subject to change in the future with the settlement of accounts not finalized, there would be a room for misuse depending on the opportunistic purpose of management(Lee et al. 2011; Kim 2018b). According to the empirical analysis results, it can be seen that managers establish a disclosure strategy that uses the accuracy of preliminary earnings or timing of announcing them to highlight positive news and hide negative news(Kim 2018a; Kim 2018b). Managers who disclose unreadable annual reports because they want information on future performance to be reflected in the market price slowly, would hide actual performance through non regular disclosures and send positive signals to the market by disclosing optimistic information. Therefore, this study analyzes the relation between the readability of annual reports and the disclosure of preliminary earnings to verify whether the manager's intention to reduce the timeliness of negative accounting information through annual reports is reflected in disclosure of preliminary earnings. Proxying for annual report readability using the Flesch ease index, Fog index, and the length of the reports which are commonly used in accounting literature, we found that managers who disclose unreadable annual reports are more likely to disclose preliminary earnings. It is interpreted that managers slow down the rate at which negative accounting information is reflected in stock prices by disclosing unreadable annual reports, and make preliminary earnings disclosures to deliver a positive signal to the market. Second, it was found that firms disclosing annual reports with low readability have a large error in the disclosure of preliminary earnings, and the bias of disclosed preliminary earnings is also large. In particular, the relation between the readability of the annual report and the bias of preliminary earnings is strong in the sample that discloses upward biased preliminary earnings. These results mean that managers who disclose unreadable annual reports are likely to disclose preliminary earnings opportunistically, and the managers' intention to hide negative accounting information through optimistic performance disclosure is reflected in the disclosure strategy. This study is meaningful in that it verified that the linguistic characteristics of annual reports are related to non regular disclosure strategies by expanding previous studies that the qualitative attributes of accounting information affect the linguistic characteristics of annual reports. The manager's intention is reflected in the linguistic characteristics of the annual report, and these managers control the reflection of accounting information in the stock price by strategically using the preliminary earnings disclosure. In addition, this study expanded prior research on disclosure by verifying that managers' intentions are reflected in non regular disclosure as well as regular.

KCI등재

저자 : 박진희 ( Jinhee Park ) , 이미주 ( Mi Joo Lee )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 73-107 (35 pages)

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본 연구는 기업 정보의 질에 영향을 미칠 수 있는 요인을 임원 개인의 전문성에서 찾고, 기업 임원 개인의 전문성이 주가 정보 속도에 미치는 영향을 분석하였다. 임원의 전문성을 나타내는 특성으로는 임원의 재직기간, 상근임원비율, 임원의 관계사 임직원 겸임 유무, 임원의 박사학위 소지 유무를 이용하였으며 시장 효율성의 측정치로는 주가 반영의 지연 정도를 사용하였다. 본 연구는 주가 반응 지연의 요인을 주가 변동성, 회계 정보의 품질 등 기업 차원의 특성에서 찾으려고 했던 기존 연구와 달리 기업 정보 품질에 영향을 미칠 수 있는 임원의 개인적 특성이 주가 지연에 미치는 영향을 규명하려 했다는 데에 기존 연구와 차이가 있다. 또한 임원을 대상으로 한 기존 연구들은 임원 개인 특성과 관련된 정보 수집 제한으로 연구 범위가 주로 사외임원의 독립성에 집중된 반면, 본 연구는 임원의 전문성에 초점을 두고 사내외 임원 모두를 대상으로 분석하였다는 데에 의의가 있다. 연구대상은 2018년부터 2020년까지의 KOSPI 및 KOSDAQ 상장기업이며, 주가 정보 속도는 Hou and Moskowitz(2005)의 Delay Measure로 측정하였다. 분석 결과, 임원의 전문성을 나타내는 네 가지 요소 모두 주식시장 정보 속도 지연을 유의하게 감소시켰다. 구체적으로 임원의 평균 재직기간이 길수록, 상근임원 비율이 높을수록 주가 정보 속도의 지연은 감소했다. 또한 관계사 임직원을 겸임하는 임원이 있거나 박사학위를 보유한 임원이 있는 경우, 그렇지 않은 경우에 비해 주가 정보 속도의 지연 정도가 적은 것으로 나타났다. 이는 임원 개인이 지니고 있는 전문적 특성은 주식시장에 긍정적인 신호로 작용하여 주가 정보의 효율성, 즉 시장효율성을 제고함을 시사한다. 기업이 임원 및 이사회 운영방안에 대한 방향 및 전략 수립 시 본 연구의 실증분석결과가 유용한 정보가 될 것으로 기대된다.


This study attempted to analyze the effect of the expertise of corporate executives on stock price delay to information, based on the relationship that capital market efficiency hinges on information quality and executive characteristics influence the information process. Quality accounting information companies provide effectively alleviates information asymmetry in the stock market and reduce stock price delay. As executives involve in decision-making for accounting choices, executives 'individual characteristics affect the quality of accounting information. Executives' role in the information process of the stock market suggests that the information quality may vary depending on the characteristics of individual executives. Therefore, we empirically analyze the effect of executives' personal expertise on the efficiency of the stock price information process measured by stock price delay. We measure the characteristics of executive expertise by the executive tenure, the percentage of full-time executives, concurrent positions of executives and employees of affiliated companies, and the presence of a doctoral degree. We select the expertise measures as follows. First, the longer the executive's tenure, the more firm-specific experience and knowledge accumulates, and the better the understanding of the business. Second, since full-time executives spend a longer time for the company than part-time executives, they have more information about the firm's operation than part-time executives. Third, if an executive concurrently serves as an employee (or an executive) of affiliates, the relationship among the affiliated companies facilitates a knowledge spillover. Finally, executives 'educational level demonstrates the professional knowledge they deliver to the stock market and their information processing ability. We use stock price delay to information as a proxy to measure information efficiency. This study investigates the individual characteristics of executives that may affect the quality of corporate information, while previous literature has sought to find the determinants of stock price delay in the financial characteristics of the firm, such as stock price volatility and the quality of accounting information. In addition, this study examines both inside and outside directors focusing on executives' personal characteristics, while previous research on executives focuses primarily on the independence of outside directors because of the data unavailability. This study selects observations from KOSPI and KOSDAQ listed companies from 2018 to 2020, excluding financial companies. Stock price delay as a proxy for market efficiency is measured following Hou and Moskowitz (2005). We find that all four executive expertise measures negatively correlate with stock price delay. The empirical analysis shows that executives' expertise decreases stock price delay significantly. The longer the average tenure of executives or the higher the ratio of full-time executives, the lower the stock price delay. The existence of executives with doctoral degrees or executives concurrently serving as executives or employees of affiliated companies decreases the stock price delay. The results are robust when we extend the analysis period or use the alternative stock price delay measure, even after controlling for the effect of the largest shareholder executive or correlations between expertise measures. These results suggest that the more specialized the executives are, the faster the company information is reflected in the stock market, and the information efficiency can be improved. Our study contributes to the literature on determinants of capital market efficiency by showing that the expertise of individual executives affects the quality of the stock market information. This research highlights the importance of non-financial information in investment decisions by exploring the effects of factors other than accounting numbers on capital markets. We expect that the empirical evidence of this study will be useful information when companies establish policies and strategies for managing executives and boards of directors.

KCI등재

저자 : 허성관 ( Sung K. Huh )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 109-134 (26 pages)

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본 연구는 등록문화재 587호 박영진가 '개성상인 복식부기 장부'의 본지점회계를 처음으로 분석한 논문이다. 우리 문화유산인 복식부기 장부의 구체적인 실상을 확인하고 이 분야에 관심있는 연구자들에게 이해의 지평을 넓히는데 도움이 되는 연구다. 분석 대상은 본점 계정인 '김홍열 계정'이다. 분석 기간은 1898년부터 1903년까지다. 먼저 김홍열 계정이 본점 계정인지 규명하였다. 본지점 거래 전부를 분석한 결과 복식부기였고, 본점집중제도였다. 회계연도마다 결산해서 순이익을 본점과 지점장인 김홍열에게 1/2씩 배분했다. 이익을 반분한 사실은 지점장인 김홍열이 차인(差人)이었다는 증거이다. 본 연구 결과는 박영진가 장부를 분석한 선행연구 결과와 일관성이 있었다. 첫째, 인삼포와 벼 농장 경영에서처럼 지점 경영에 동기유인보상계획을 1898년부터 실행했다. 둘째, 삼포 경영과 같이 지점 경영도 이익중심점으로 관리했다. 셋째, 자본비용을 명시적으로 일관성 있게 회계에 반영했다. 박영진가 장부는 기회비용을 회계이익 계산에 반영한 지금까지 알려진 세계에서 유일한 사례이다. 넷째, 차인과 이익을 반분한 사실은 인삼포 경영에 참여한 도중 구성원들에게 이익을 1/n로 배분한 것과 일치하기 때문에 박영진가는 일관되게 상생경영를 추구했다.


This paper is the first attempt to analyze the branch accounting of a Korean traditional double-entry bookkeeping document. The subject of investigation is the head office account named 'Kim Hong-youl' included in 'The Registered Cultural Heritage No. 587'. The period analyzed spans from 1898 to 1903, In this paper, it will be verified that 'Kim Hong-youl' is not a Dojung account which accounts partnership but the head office account of branch management. Journal entries of individual transactions, posting process, and settlement of accounts are analyzed in detail. This study is expected to enhance our understanding of branch accounting and management practice of a Korean Gaeseong merchant in the turn of the 20th century. It was found that the branch transactions were recorded based on double-entry bookkeeping principle with a head office concentration system. The debit of the Kim Hong-youl account can be understood as an investment in branch and the credit as the recovery of the investment. The crdit balance of the account at the year end is the annual net income of the branch. Annual net income was distributed to the head office and branch manager Kim Hong-youl by half. The fact that net income was halved is an evidence that Kim Hong-youl, the branch manager, was a 'Chain' who is a well-trained employee in charge of the part of business without monthly compensation. In the year of loss, it was carried forward to the following year.
This paper provides additional evidence that the capitalistic thinking and management practice of Gaeseong merchant identified in previous studies were consistently applied to this branch accounting. First, the incentive compensation plan, which divides profits in half with branch manager in stead of paying monthly salary, has been implemented since 1898. In agricultural management of rice field, a yearly compensation contract was signed with workers based on expected crop and wages paid reflected actual crop. Compensation plans with motivational incentive scheme are common in current management practice since the scientific management had been introduced into the management area at the beginning of the 20th century. It is an evidence that Korea had an incentive scheme similar to USA around the same time. Second, the branch was one of the decentralized management organization and the performance index evaluated was net income. This means that the branch was managed as a profit center although is not clear how much independence the branch maintained in operation. However, compared to the fact that DuPont and GM implemented the responsibility accounting system at the beginning of the 20th century, Gaeseong merchant was also conducting the same practice around the same time. Third, the accounting record investigated explicitly deducted the cost of capital as an expense in the year end settlement of accounts and added it to the capital. In the ginseng field business, income was computed by considering capital cost for both investment and recovery. Since the branch accounting was settled in the same way as ginseng field, it is clear that the Gaeseong merchant consistently accounted for capital cost. Net income after the cost of equity capital is eqivalent to the recognition of the opportunity cost of equity capital in accounting. If we look at the cost of equity capital as the market average return, net income of the branch is the abnormal income stipulated in today's capital market-based accounting. Since the accounting income of the branch incorporated opportunity cost, it can be seen that the same criteria for both investment decision-making and performance evaluation was applied by the Gaeseong merchant Park Young-jin family. 'The Registered Cultural Heritage No. 587' is the only accounting book known in the world that explicitly calculated net income after consideration of opportunity cost. Fourth, the fact that net income was divided in half between head office and branch manager is an additional evidence that Park Young-jin family, Gaeseong merchant, consistently practiced win-win management with the 'Chain' of the branch manager. This income distribution practice is unimaginable in capital-oriented management today. As identified in previous studies, an interest rate of 15% was consistently applied to financing between Gaeseong merchants. This suggests that financing among Gaeseong merchants was not a profit seeking business but a mean to realize win-win sprit among them. In light of the reality that the market interest rate exceeded 3% per month at the time, the 1.25% per month interest level itself is a specific example of win-win management. The net income of paternerships of ginseng field was also distributed by 1/n to participants of partnership such as investors, ginseng cultivation specialists, and managers. This implies that the value of capital, technology of growing ginseng, and management knowhow were recognized equally. Such income distribution is an example of consistently practiced win-win management which is an important topic to be realized in the modern capitalism economy.

KCI등재

저자 : 나영 ( Young Na ) , 이동하 ( Dongha Lee )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 135-161 (27 pages)

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본 연구는 기업집단 소속 계열사의 신규상장여부 및 시장유형에 따라 기업집단의 지배구조 특성이 터널링(tunneling)에 미치는 영향을 검증하였다. 국내기업은 대부분 대주주가 경영자를 겸임하여 지배주주로서 기업집단 전체를 통제하고 있다. 이 때문에 대주주와 경영자 간의 대리인문제에 집중한 전통적인 대리인이론 관점으로는 국내 기업의 대리인비용을 정확하게 분석하기 어렵다. 따라서 국내 기업환경을 고려하여 지배주주와 소액주주 사이에 발생할 수 있는 대리인문제에 대한 분석이 필요한 시점이다.
기업집단의 지배구조 형태를 정확하게 파악하지 못한다면 지배주주와 소액주주 간 정보비대칭이 증가하여 지배주주의 사적이익 추구를 제한하기 어렵게 한다. 동시에 기업집단의 지배구조가 복잡할수록 터널링이 증가할 것이다. 반면, 견고한 감시체계를 통하여 지배주주의 활동을 정확하게 파악한다면, 터널링은 감소할 것이다. 따라서 본 연구에서는 기업집단 지배구조의 복잡성이 터널링에 미치는 영향을 분석하고, 해당 영향이 기업집단 소속 계열사의 신규상장여부와 시장유형에 따라 차이가 발생하는지 분석한다. 이를 통하여 지배구조의 복잡성이 터널링에 미치는 영향을 확인하고 자본시장 감시시스템의 견고성에 따른 제한효과를 파악한다.
실증분석결과는 다음과 같다. 지배구조의 복잡성이 증가할수록 터널링이 증가하며, 계열사를 코넥스시장에 신규상장함으로써 가속화된다. 이는 지배주주가 소액주주와의 정보비대칭을 활용하여 사적이익을 추구하고 있으며, 상대적으로 감시시스템이 미흡한 코넥스시장은 터널링을 위한 수단으로 활용될 수 있음을 시사하고 있다.


This study aims to examine the effect of corporate group's governance structure on tunneling with its affiliate's IPO and market type of IPO. In the case of a group of firms in South Korea, the most major shareholder serve as CEO and control the entire group. Therefore, the perspective of the traditional agency theory, which focuses on the agency problem between shareholders and CEO, cannot accurately describe the agency costs of the group in South Korea. For accurate analysis, it needs to focus the agency problem that may arise between controlling shareholder and minority shareholders. Without understanding the corporate group governance structure, information asymmetry between controlling shareholder and minority shareholders may increase and controlling shareholder's pursuing private benefits is difficult to be restricted. For this reason, as corporate group governance structure becomes more complex, tunneling may also increase. On the other hand, if the activities of controlling shareholder are accurately monitored by a robust monitoring system, tunneling may decrease. Thus, this study analyze the effect of complexity of corporate governance group structure on tunneling and whether the effect may differ by its affiliate's IPO or market type of IPO. Through this analysis, it verifies the effect of complexity of corporate group governance structure on tunneling and the restriction effect of a robust monitoring system of the capital market. The results of the study are as follows: Tunneling increases as corporate group governance structure becomes more complex and is accelerated by listing its affiliates on KONEX market. This result suggests that controlling shareholder pursues private benefits by using asymmetric information and for this purpose, KONEX market, which has a relatively insufficient monitoring system, can be used as a means for tunneling.

KCI등재

저자 : 전예진 ( Jeon Yeejin )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 163-189 (27 pages)

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지방자치단체는 지방 재정 상태와 운영결과에 관한 정확한 재무회계정보를 제공하기 위해 결산검사를 실시함으로써 지방의회 및 주민의 의사결정을 지원한다. 결산검사는 조례에 따라 선임된 결산검사위원을 통해 실시된다. 결산검사위원회의 대표위원은 지방의 원으로 선임되며, 결산검사 전반의 업무를 총괄한다. 그러나 결산검사위원회에 참여한 지방의원이 정치적 입장을 완전히 배제한 중립적인 상태에서 결산검사 총괄업무를 수행하는 것은 현실적으로 어려울 것이다. 이에 본 연구는 지방의원의 결산검사 참여가 회계품질에 미치는 영향을 분석한다. 본 연구는 기초지방자치단체 226개를 대상으로 2014년부터 2018년까지 총 5년 동안 지방의원의 결산검사 참여가 회계품질에 미치는 영향을 분석한다. 분석결과, 결산검사위원회에 참여한 지방의원의 비율이 증가할수록 재무회계정보의 포괄성이 증가하였다. 이는 결산검사위원의 규모가 작을수록 자료 요청의 빈도가 상대적으로 적어 결산검사위원회에 참여한 지방의원의 사익 추구 경향이 높아 나타난 결과이다. 또한, 지방자치단체 모니터링 강도가 높을수록 결산검사위원회에 참여한 지방의원의 비율이 증가할수록 재무회계정보의 포괄성이 증가하는 효과는 약화되는 것으로 나타났다. 이는 회계투명성에 대한 지방의회의 요구와 주민의 관심이 높을수록 지방의원의 사익추구 경향이 줄어드는 조절효과가 나타난 결과이다. 이러한 연구의 결과는 결산검사위원회 내 지방의원의 역할을 제고하고 지방자치단체의 결산검사에 관한 제도적 장치 마련 등의 지방자치단체 회계품질 개선을 위한 정책적 시사점을 제공한다.


The purpose of a financial statement audit is to provide accurate and useful financial information on the local governments' financial conditions and operation results. Local council appoints the settlement audit committee members and the representative among the settlement audit committee members in accordance with the ordinance. One of the local councilors is appointed as the representative of the settlement audit committee. The primary role of the representative in the settlement audit committee is to oversee the overall affairs of the settlement audit. The local councilor who participates in the settlement audit committee as the representative is obligated to ensure the independence of the settlement audit committee in an objective manner from the perspective of accountability. However, it will be practically difficult for that the local councilor performs the general affairs of the settlement audit in a neutral state that completely excludes his or her political position. Therefore, this study empirically investigates the effect of local councilor's participation in the settlement audit on the comprehensiveness of financial accounting information. As a result of analyzing 226 basic-level local governments in Korea from FY2014 to FY2018, accounting quality decreases when the proportion of the local councilor in the settlement audit committee increases. This result suggests that the smaller the size of the settlement audit committee is, the lower frequency of requests for data is. This affects the incentive for the local councilor who participates in the settlement audit committee to pursue private interest. Furthermore, this study finds that when monitoring is stronger, the negative effects of the higher proportion of the local councilor in the settlement audit committee on accounting quality is weaker. This suggests that the high demands for accounting transparency reduce the pursuit of the private interest of local councilors who take part in the settlement audit committee.
The theoretical implications of this study are as follows. First, this study is the first study to empirically analyze the effect of local councilor' participation in settlement audit on accounting quality. Prior studies (Yang, 2019; Yun et al., 2017; Lee, 2013) only conduct the comparative or review studies from an institutional perspective in relation to the settlement audit committee, but there is little empirical evidence related to local governments' settlement audit committee. This study newly proposes the empirical analysis model, which expects to be a meaningful starting point for further research to effectively evaluate the effect of local governments' settlement audit on accounting quality. Second, this study attempts to supplement the methodology for evaluating the quality of accounting information of local governments. Existing study to research governments' accounting errors (Kim and Han, 2016) uses qualitative characteristics of accounting information to measure accounting quality. Comprehensive information on financial statements such as 'other net assets' and 'etc accounts' increases information asymmetry between information providers and users, as well as information risk and search costs. This study measures accounting quality from the perspective of information users using and evaluating the financial information (Dechow and Dichev, 2002; Lee and Masulis, 2009; Kim and Han, 2016). Third, this study presents a methodology for measuring the independence of the local governments' settlement audit committee. This study first presents a proxy to measure the independence of the local governments' settlement audit committee for the proportion of local councilors who participated in the settlement audit. This enables discussions on the role of local councilors in the settlement audit committee. Fourth, this study provides various policy implications for improving the accounting quality of local governments.

KCI등재

저자 : 황주희 ( Juhee Hwang )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 191-211 (21 pages)

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기업의 가상자산 보유량은 점차 증가하고 있고, 그 보유 목적도 다양해지고 있다. 그러나 현재까지 가상자산과 관련한 명확한 회계처리 기준은 부족한 실정이다. 한편, 기업이 가상자산을 스스로 발행하는 경우, 가상자산의 운영과 관리는 투자의사결정에 매우 중요한 정보임에도 불구하고, 가상자산의 유통량 및 향후 매각 계획 등 해당 가상자산과 관련한 정보를 발행기업의 재무보고서 어디에서도 확인하기 어렵다. 최근 국내에서도 가상자산을 발행하는 기업이 가상자산을 대량 발행하여 매각하는 사례가 발생하였다. 본 연구에서는 온라인 게임 소프트웨어 개발 및 공급을 주요 사업으로 하는 W-enter의 사례를 바탕으로 가상자산 발행자의 회계처리 및 공시에 대해 논의한다. 구체적으로, W-enter는 2021년 말 자신들이 발행한 W-coin을 사전에 충분한 공시 없이 매도하고, 이를 통해 마련한 현금으로 동종계열의 기업을 인수하는 등 기업 운영 및 투자자금으로 활용하였다. 해당 거래 이전까지 보고된 W-enter의 재무제표에 따르면, 가상자산은 무형자산으로 회계처리하고 있다고 공시하고 있다. 그러나 가상자산의 종류 및 보유금액에 대한 정보는 알 수 없으며, W-coin의 포함여부도 짐작할 수 없었다. 그리고 W-enter는 2021년 4분기 잠정실적공시에서 W-coin의 매각금액을 매출 수익으로 보고하였다가 2021년 사업보고서에서 선수수익으로 변경하여 공시하였다. 본 사례는 가상자산의 발행자에 초점을 두어, 가상자산의 발행, 보유 및 매각 시의 적절한 회계처리에 대해 논의해 본다. 이러한 논의를 통해 가상자산의 실질을 반영할 수 있는 별도의 회계처리 기준 및 공시지침이 마련되기를 기대한다.


Virtual or crypto assets have recently attracted considerable attention from companies. According to the diversified types of virtual assets, their holding purposes and acquisition routes are also becoming very diverse. However, accounting standards and regulations regarding virtual assets remain unclear and insufficient. The current accounting standards for virtual assets follow the tentative agenda-based decisions of the IFRS Interpretations Committee, as of June 2019. According to the IFRIC, IAS 2 Inventories or IAS 38 Intangible Assets applies to virtual assets depending on the purpose of holding them. Since then, the specific accounting standards for virtual assets have not been discussed. Virtual assets are characteristically distinct from inventory and intangible assets, and this standard does not reflect the economic substance of virtual assets. Owing to the absence of these standards and regulations, firms do not disclose virtual assets in their financial statements or disclose them only partially, leading to distorted financial statements of a firm's economic substance. Therefore, the information usefulness for investors is highly likely to be hindered. In particular, accounting information is more important when a firm is an issuer rather than a simple holder of virtual assets. For firms that issue virtual assets themselves, their activities related to the operation and management of virtual assets are very important items of information for investment decision-making. Nevertheless, information related to the virtual assets issued by the firm, such as quantity and future sales plans, is not included in any of its financial reports.
Recently, in Korea, a KOSDAQ-listed firm issued virtual assets and sold them in large quantities. Although many start-up companies issue virtual assets to raise capital, it is difficult to find cases in which a listed firm has raised a substantial amount of cash using virtual assets, not only in Korea but also in overseas capital markets. Based on the case of W-enter, whose main business entails the development and supply of online game software, this study discusses accounting standards and disclosure methods for issuers of virtual assets. Specifically, W-enter's virtual asset transactions and accounting practices are as follows. First, at the end of 2021, W-enter sold self-issued W-coins without sufficient pre-disclosure. In other words, they exchanged their virtual assets for cash. Notably, the approximately 200 billion won of cash raised through this sale was used for business operation and investment funds, such as acquiring companies in the same industry. According to the financial statements reported before the transaction, W-enter classified virtual assets as intangible assets. However, information on the type and amount of virtual assets held could not be established through the financial statements, neither was it possible to determine whether W-coins were included. In the preliminary earnings announcements for the fourth quarter of 2021, W-enter disclosed the sale amount of W-coins as sales. This accounting policy for W-coins was changed during the auditing process. In the 2021 financial report released in March, W-enter classified the proceeds from the sale of W-coins as unearned revenue, that is, liabilities. As the obligation to provide services to investors of virtual assets remains, it has been treated as a form of deferred revenue, which is an accounting practice of recognizing sales when the obligation expires in the future.
Therefore, this case study has implications regarding the issuer of virtual assets and an appropriate accounting policy for the issuance, holding, and sale of virtual assets. Developing regulations for the virtual asset market to protect both investors in the virtual asset market and the stock market is an urgent issue; thus far, the relevant standards and regulations have been unable to keep up with the actual site. Under these circumstances, sufficient information on virtual asset issuance and its operation should be deliverable to investors, at least for listed firms. In this respect, this case study suggests that there is a need for relevant guidance by supervisory authorities and that accounting standards for virtual assets will be established so that financial information reflects the economic substance of virtual assets and improves the usefulness of accounting information.

KCI등재

저자 : 심재연 ( Jae Yeon Sim ) , 전성민 ( Sung Min Jeon )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 213-242 (30 pages)

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본 사례 연구는 이전상장제도 및 신속이전상장제도에 대하여 학습하고 이전상장제도를 통해 코스닥 시장에 상장된 기업 중 상장폐지된 실제 기업사례를 통해 이전상장제도의 개선점을 도출하고자 하였다. 특히 사회적으로도 큰 파장을 불러일으킨 A사와 B사의 상장폐지의 징후 및 과정 등에 대하여 종합적으로 분석하였다. 이들 기업은 공통적으로 상장폐지기업의 주요 특징을 모두 보여주고 있었으며 그중에서도 특히 불안정한 지배구조, 불성실 공시, 영업활동 지표 악화 등의 특징을 확인할 수 있다. 이러한 기업들의 상장폐지 과정에서 투자자 및 채권자들에게 큰 손실을 끼칠 수 있다는 점에서 신속이전상장 제도를 포함한 전반적인 이전상장제도에 개선이 필요한 단계라고 볼 수 있다. 사례 분석 기업들이 모두 이전상장 직후 부실 징후를 드러냈다는 점에서 이전상장 이후 초반에 집중 관리 및 감독이 필요하다는 점을 시사한다. 특히 신속이전상장제도의 경우 성장 잠재력을 갖춘 기업을 발굴하기 위한 목적으로 기업계 속성 심사 및 경영안정성 심사가 면제되는데 상장폐지기업 사례를 살펴보면 기업계속성 및 경영안정성 측면에서 부실함을 여실히 나타나는 것을 확인할 수 있다. 따라서 이를 보완할 수 있도록 이전상장 초기에는 기업이 감사인을 자유선임하기 보다는 지정감사인제도를 활용하거나 최대주주 지분율에 대한 의무보호예수제도 강화 등의 안전장치가 필요할 것으로 보인다.


In order for KONEX-listed corporations to be listed on the KOSDAQ market, they must meet the same listing requirements as unlisted corporations and go through the listing process. However, the "Fast Track" system was introduced so that firms can be quickly listed if it is performing well in the KONEX market although it does not satisfy KOSDAQ listing requirements. Continuous supervision of their financial position and governance structure seems necessary as companies listed through the "Fast Track" system are exempt from corporate continuity and management stability screening. Therefore, this case study attempt to analyze the switching of stock listing from KONEX to KOSDAQ market and “Fast Track” system, deriving policy implication through actual cases of delisted firms. Since 2014, a total of 81 companies have been switched to the KOSDAQ market from the KONEX market, of which 18 have been listed through the “Fast Track” system. It is true that the importance of the KONEX market and switching of stock listing is easily overlooked because not many firms are targeted. Meanwhile, in the case of firms that have been relocated from the KONEX market to the KOSDAQ market, the delisting of the two companies has caused great damage to investors as they raised large amounts of funds through the capital of KOSDAQ market participants. In this case study, we analyze the processes of delisting of firm A and firm B, which caused huge economic and social damage. Firm A was listed on the KOSDAQ market through “Fast Track System” in 2016 based on its health food business. However, shortly after the switching of stock listing, firm suffered several crises such as drastic drop in performance. Meanwhile, CEO and large shareholders have frequently changed, revealing an unstable corporate governance structure. Eventually, the Korea Exchange held the KOSDAQ Market Committee on July 2020 to decide to delist firm A from KOSDAQ market. However, firm B was transferred to the KOSDAQ market in 2015. However, it revealed very unstable governance structure, with its 7 times of CEO turnover. In December 2019, charges of embezzlement and breach of trust were raised against the CEO, managing director, and vice president, which made firm B as a subject of substantial examination of eligibility for listing. Finally, on March 2020, the KOSDAQ Market Committee eventually decided to delist firm B. Overall, managements of Firm A are arrested on charges of taking unfair profits through the accounting fraud. In addition, in the case of firm B, a trial is currently underway on charges of embezzling corporate funds and falsifying its financial statements. We can find common characteristics of delisted firms: 1)unstable governance structure, 2)unfaithful disclosure, and 3)deterioration of business activity indicators. Firstly, both firms experienced changes in management including frequent CEO turnover. Moreover, we can also find the embezzlement or malpractice of CEO, vice president and other managements. Secondly, sanctions were imposed against both firms because of unfaithful disclosures. In the case of firm A, it was designated as a “firm issuing unfaithful disclosure” in 2020 due to the events including the delay of disclosing the information of the large shareholder ownership. In the case of firm B, it is designated as firm issuing unfaithful disclosure” because it withdrew the decision to acquire bonds in 2019. Finally, the business indicators got worse rapidly immediately after the switching of stock listing. For example, the accounts receivables turnover was very low compared with the industry average, and the amount of inventory to sales is only the half of the amount of industry average. Based on the cases of firm A and firm B, it seems necessary to improve the regulation regarding the switching of stock listing from KONEX to KOSDAQ as it can cause great losses to investors and creditors during the process of delisting. The fact that firms showed signs of insolvency within two or three years after the stock listing suggests that intensive monitoring and supervision is needed in the early stage of stock listing. “Fast Track “system provide exemption about screening of corporate continuity and management stability to discover companies with growth potential. However, the cases of delisted firms clearly show insolvency in terms of corporate continuity and management stability. Therefore, it would be better to use the designated auditor system rather than allowing the company to freely appoint auditors or improve compulsory separate safekeeping in the early stages of the stock listing.

KCI등재

저자 : 홍철규 ( Cheolkyu Hong )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 243-286 (44 pages)

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최근 들어 전 세계적으로 지속가능성 공시 규제가 빠른 속도로 도입되고 있으며, 우리나라도 기준 제정을 서두르고 있다. 향후 지속가능성 공시 규제는 기존 회계공시와 함께 기업 재무보고의 중요한 한 축으로 작용할 전망이다. 본 연구는 유럽과 IFRS가 최근 발표한 지속가능성 공시기준 공개초안과 미국의 관련 규정개정안의 배경을 살펴보고, 그 내용을 회계학적 관점에서 분석한다. 지속가능성 정보의 주요 관심 주제에는 환경, 사회, 지배구조 등이 포함되며, 주요 보고영역에는 전략, 위험관리, 목표와 실적치 등이 포함된다. 지속가능성 정보는 기존의 회계정보와 달리 비재무적인 정보의 성격을 띠고 있으며, 투자자는 물론 다양한 이해관계자를 주요 정보이용자로 포함하기도 한다는 특징이 있다. 최근 IFRS가 기준 제정에 주도적으로 참여함에 따라 회계학계에서도 관심이 고조되고 있으나, 이에 대한 학계의 이해도는 높지 않은 실정이다. 이에 따라, 본 연구는 새로운 기준(규정)의 배경과 특징을 비교, 분석하고, 기존 회계기준과의 관계를 토론하며, 각 기준(규정)이 중요성의 원칙에 대해 견지하고 있는 접근법을 분석하고, 이들 각기 다른 접근법들이 향후 기업들의 지속가능성 공시에 어떤 영향을 미칠지에 대해 비판적으로 고찰한다. 아울러, 향후 지속가능성 공시기준(규정)이 어떻게 전개될지에 대해 전망하고, 우리나라 도입에 대한 시사점을 제시한다. 본 연구는 회계학계의 중요한 관심사로 떠오른 지속가능성 공시에 관한 사실상 국내 최초의 새로운 탐색적 연구로서 그 의의가 크며, 향후 관련 연구의 활성화에 기여할 것으로 기대된다.


Recently the establishment of sustainability disclosure standards(SDS) and the revision of related regulation are being expedited worldwide. South Korea is not an exception. SDS is expected to play an important role in financial and nonfinancial reporting of firms in conjunction with existing accounting disclosure standards. This exploratory study compares and contrasts the characteristics of SDS(rules) of Europe, US, and IFRS, and critically discusses their accounting implications. Firstly, it explores the meaning of the establishment of new standards, given the existing accounting disclosure standards is already in place to dictate the reporting of material information concerning sustainability-related matters. IFRS accounting standards and US GAAP require that the material sustainability-related information shall be reported in financial statements, which include notes to the financial statements. The recent regulatory move toward the establishment of SDS reflects the partial failure(inability) of the accounting disclosure standards to fully enforce the full reporting of sustainability-related information in financial statements. This study compares and discusses the approaches EU, US, and IFRS have taken to address this issue. Secondly, given the partial failure of the existing accounting disclosure standards to induce full disclosure of sustainability-related information, the basic issue on hand is which part of the financial statements could be problematic with regard to the disclosure of sustainability-related information: the mis-presentation of numbers in the financial statements, insufficient information on the numbers in the notes to the financial statements, and/or insufficient information on things material yet not enough to be recognized in financial statements(except notes). This study compares and discusses how the SDS(rules) of EU, US, and IFRS are related to this issue. Thirdly, it compares and contrasts the management latitude embedded in three SDS(rules) in terms of “materiality” in determining the items to be disclosed. This issue is especially important given that the recent worldwide move towards the establishment of SDS is partially rooted on the fact that the principle-based disclosure requirements coupled with “materiality” principle has not been effective in inducing a full disclosure of sustainability-related information, in the context of accounting disclosure standards and/or voluntary sustainability-related information disclosure system. The “materiality” principle present in SDS entails at least three important questions. First is how can the management identify material information from the perspective of investors, in the face of the difficulty of monetizing the effects of the ESG matters, which are mostly forward-looking, uncertain, and soft information? The next related question is how SDS can induce a true and fair presentation of sustainability-related information? The problem arises from the presence of agency problems in general business situations, which makes worse the reporting environment. For example, the low possibility of being caught for mis-reporting of forward-looking soft information would give the management a wrong incentive to distorting the information for the benefit of management itself and/or present investors at the cost of current and/or future investors. Finally, considering the characteristics of sustainability-related information, the assurance of sustainability information becomes largely troublesome. This makes assurance providers more dependent on the management for the application of materiality principle as well as assurance, compared to the assurance of accounting information. Thus a reasonable assurance of sustainability=related information, up to the level applied to the assurance of accounting information, seems almost not possible. Considering all these, it is not easy to imagine how the materiality principle applied to SDS, especially present in IFRS SDS, will work in practice. With regard to the application of materiality principle, EU is the most stringent among three SDS(rules)-setting bodies, in that it specifies disclosure requirements specifically and declares that they are presumed to be material “until proven untrue”. IFRS bestows the most latitude to the management, consistent with its accounting standards, which makes its SDS in reality not significantly different from existing voluntary disclosure standards(frameworks). US rather adopts a mixed approach, focusing on the strict regulation towards more detailed reporting of the effects of climate-related matters on the numbers of the financial statements in notes to the financial statements, while it relies on materiality principle for other soft information subject to a filing requirement. At the time of writing, EU and US regulatory bodies are holding a rather strong position with regard to the exposure drafts of their SDS(rules), suggesting the possibility of their integration in the near future be very low. Above all, EU adopts double materiality principle, which makes EU SDS distinct from US rules and IFRS SDS. This poses a great challenge to the integration of those SDS(rules). Further, their stance concerning the application of materiality principle is also quite different from one another. Apart from the future of three SDS(rules), the regulatory move towards the disclosure of sustainability-related information casts a lot of new research questions in the accounting field and also requires the integrated thinking in accounting, where financial accounting and managerial accounting are traditionally loosely coupled.

KCI등재

저자 : 김현태 ( Hyun-tae Kim ) , 최영수 ( Young-soo Choi )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 4호 발행 연도 : 2022 페이지 : pp. 287-329 (43 pages)

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본 연구는 IASB 공개초안에서 제시된 '재무제표 표시와 공시'(K-IFRS 1001호, IAS1)의 변화가 국내 기업의 영업이익에 미치는 영향을 분석하였다. 국제회계기준위원회는 '일반적 표시와 공시'에 대한 공개초안(exposure draft)을 발표하였으며 IAS1 '재무제표 표시와 공시'를 대체하는 최종기준서를 공표할 예정이다. IASB의 공개초안에 따르면 투자범주와 재무범주를 먼저 정의하고 금액을 도출한 다음, 영업이익을 다른 범주에 포함되지 않는 모든 손익인 '잔여이익'의 개념으로 측정한다. 현행 K-IFRS 제1001호 영업이익 규정에 따르면 기업은 수익에서 매출원가 및 판매비와관리비(물류원가 등을 포함)를 차감한 영업이익을 포괄손익계산서에 구분하여 표시하여 야 한다. 따라서 새로운 기준을 적용한 잔여범주로서의 IASB 공개초안 영업이익은 현행 K-IFRS 영업이익과는 다른 이익속성을 지닐 것이며 상이한 정보를 시장에 전달할 것이므로 각 기준의 영업이익이 내포하는 회계정보 유용성은 다르게 나타날 것이다. 이를 검증하기 위하여 본 연구는 2012년부터 2019년까지 우리나라 상장기업을 대상으로 K-IFRS에서 정의되고 사용된 영업이익과 IASB가 공개초안에서 제시한 잔여범주로서의 영업이익 간 가치관련성, 이익지속성, 이익반응계수, 미래현금흐름 예측력, 비교가능성을 비교분석하였다. 실증분석 결과, K-IFRS 영업이익이 공개초안 영업이익에 비하여 가치관련성과 이익지속성이 높았으며 미래현금흐름 예측력이 우수한 것으로 나타났다. 그러나 이익반응계수 차이분석에서는 각 기준의 회귀계수에 차이는 없었으나 공개초안 영업이익이 K-IFRS 영업이익에 비하여 상대적으로 정보효과가 더 높은 것으로 나타났다. 마지막으로 각 기준의 기업 간 비교가능성 차이분석에서 K-IFRS 영업이익의 비교가능성이 공개초안 영업이익의 비교가능성보다 높은 것으로 나타났다. 본 연구는 '잔여'개념으로 표시되는 IASB 공개초안 영업이익을 설명하고 현행 K-IFRS 영업이익과의 차이를 비교분석한 결과를 제시함으로써 향후 회계기준의 변화를 이해하고 해석하는데 도움이 될 것으로 기대한다.


This study examines the effect of changes in 'Presentation and Disclosure of Financial Statements (K-IFRS 1001, IAS1)' proposed in the IASB's exposure draft on the presentation of operating income for domestic entities. The International Accounting Standards Board issued an exposure draft for 'General Presentation and Disclosures' and will promulgate a final standard replacing IAS1 'Presentation and Disclosures'. Operating income has been regarded as a very important profit concept that measures corporate profitability along with net income. Depending on the situation, it is often considered as a more important profig concept than net income. Operating income is widely used for investor's investment decisions, corporate performance evaluations, and credit ratings of financial institutions, and also there are many regulations based on operating income. Although it is not clear when the final IFRS will be completed and what will be included, the exposure draft alone is of great interest to the working world and academia in future developments amid considerable confusion, given that most of the exposure draft is reflected in the final IFRS. The IASB's exposure draft heralds significant changes in the presentation of income statements. If the exposure draft for 'general presentation and disclosures' is finalized, the effect on Korea will be significant because the concept of operating income changes. Although there was no definition of operating income and whether to present it in the income statement was at the discretion of the firm in IFRS, the exposure draft of IASB requires that operating income be defined indirectly and presented as one of the subtotal in the income statement. According to the IASB's exposure draft, investment categories and financial categories are defined and amounts are derived first, and then operating profit or loss is measured in the concept of 'residual income', which is all gains and losses that are not included in other categories. Under the current regulation relating to operating income in K-IFRS 1001, an entity is required to present operating profit or loss (sales less cost of sales and selling and administrative expenses including logistics costs) separately in the statement of comprehensive income. IASB's exposure draft operating income as a residual under the new standard-to-be would convey different information to the market from K-IFRS operating income under the current standard. Consequently, the usefulness of accounting information embedded in operating income will differ in K-IFRS and IASB's exposure draft. To evaluate the difference of usefulness of information and properties of earnings between K-IFRS and IASB's exposure draft, we compared the value relevance, persistence of earnings, earnings response coefficients, predictability of future cash flows, and comparability between K-IFRS operating income and exposure draft operating income for listed companies in Korea for the year 2012 to 2019. Our empirical analyses show that K-IFRS operating income is more value-related, and has greater earnings persistence and better predictive ability of future cash flows than exposure draft operating income. However, in the analysis of difference in earnings response coefficients (ERC), overall information of exposure draft operating income is higher than K-IFRS operating income, although there is no statistical difference in the ERC between K-IFRS and IASB's exposure draft. Lastly, in analysis of comparability, we find that comparability of K-IFRS operating income is higher than that of exposure draft operating income. It is inferred that the reason for the difference in operating profit in each of these standards is that K-IFRS operating income is uniformly calculated and similar to core operating profit, while IASB exposure draft operating income is more volatile as temporary and non-current items are included. The study expects to help understand and interpret future changes in accounting standards by explaining IASB's exposure draft operating income as the concept of 'residual' income and comparing it with K-IFRS operating income.

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