Korean Journal of Construction Engineering and Management (한국건설관리학회논문집)

Korea Institute of Construction Engineering and Management (한국건설관리학회)
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An Empirical Analysis of the Effect of the Introduction of Korean equivalents of International Financial Reporting Standards (K-IFRSs)

한국채택국제회계기준(K-IFRS) 도입이 건설업체에 미치는 영향에 대한 실증분석

  • 장세웅 (대림산업 건축사업본부)
  • Received : 2012.04.15
  • Accepted : 2014.02.07
  • Published : 2014.03.31
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Abstract

Due to the structure of advanced installment sales of houses which is a construction industrial structure unique to Korea and the Project Financing (PF) project structure that includes construction companies' debt guarantee agreements, the changes in accounting methods resulting from the introduction of K-IFRSs are expected to act in a direction to deteriorate construction businesses' financial statements. Therefore, K-IFRSs are an important issue that can seriously affect the entire domestic construction industry and construction businesses are conceiving strategies to respond to the introduction of K-IFRSs. From this viewpoint, this study was intended to empirically analyze the effect of the introduction of K-IFRSs on construction businesses utilizing financial data applied with the K-IFRSs recently announced. In the analysis, the EDFs were calculated by business using the existing accounting standards GAAP and using K-IFRSs and the results were compared with each other. The results of the analysis indicated that most construction businesses were adversely affected by the introduction of K-IFRSs. It is also considered that businesses with relatively good financial statements under the existing accounting standards GAAP would be affected more by the introduction of K-IFRSs than other businesses. In addition, the introduction of K-IFRSs is expected to have larger effects on large construction businesses that have been providing debt guarantees for PF projects than on small or medium sized construction businesses.

한국의 독특한 건설산업구조인 주택 선분양 구조, 건설회사의 채무보증 계약이 포함된 PF사업 구조 등에 의해 K-IFRS 도입에 의한 회계처리 방식의 변화는 대체로 건설업체의 재무제표를 악화시키는 방향으로 작용할 것으로 예상되고 있다. 이에 따라 K-IFRS는 국내 건설산업 전반에 심각한 영향을 미칠 수 있는 중요한 이슈이며 건설업체들은 K-IFRS 도입에 대한 대응전략을 구상하고 있다. 이러한 관점에서 본 연구에서는 이에 본 연구에서는 최근 공시된 K-IFRS 회계기준 적용 재무자료를 활용하여 K-IFRS 도입이 건설업체에 미치는 영향을 실증분석하는 것을 목적으로 하였다. 분석방법은 KMV 모형을 활용하여 기존 회계기준인 GAAP 일 경우와 K-IFRS일 경우의 각 업체별 EDF를 산출하여 이를 비교하였다. 분석 결과 대부분 건설업체가 K-IFRS 도입으로 인해 악영향을 받는 것으로 나타났다. 또한 기존 GAAP 회계기준일 때 재무제표가 상대적으로 양호한 업체가 그렇지 않은 업체보다 K-IFRS 도입 영향을 더 많이 받을 것으로 판단된다. 게다가 K-IFRS 도입은 중소형 건설업체보다 PF 사업에 채무보증을 제공해 온대형 건설업체에게 더 큰 영향을 미칠 것으로 판단된다.

Keywords

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