• The Journal of the Korea Contents Association
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• v.16 no.9
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• pp.702-712
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• 2016

This study aims to compare the government accounting reform of advanced countries and South Korea and suggest policy implications for South Korea. The reform steps are structured down to institutional introduction, institutional formation and institutional stability. I researched the literatures on the government accounting system and compiled research materials from the Finance Ministries, Audit Offices, and Government Accounting Standards Boards websites of New Zealand, US, UK and South Korea. Analysis showed that advanced countries and South Korea have adopted accrual accounting systems which have provided more comprehensive and objective financial information. But the government accounting system of South Korea compared with those of advanced countries needs reform. The suggestions of this study include: expanding range of whole of government financial statements; giving coherence to the public accounting standards; adopting government audit system; and introducing accrual budgeting. However, there are differences between business accounting and government accounting and the differences are considered for government accounting reform.

• Journal of Navigation and Port Research
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• v.28 no.7
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• pp.593-600
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• 2004

This paper aims to introduce budgetary accounting system for not-for-profit organizations related to maritime and fishery in Korea Especially, these not-for-profit organizations related to maritime and fishery should design and maintain the original accounting systems because they have some objectives and activities of organizations different to for-profit organizations. Currently, while the accounting for not-for-profit units is difficult to understand, this case study of budgetary accounting system for not-for-profit organizations related to maritime and fishery as KSSIT may be great help to them by reflecting all administrative activities of these units and offering objectively and fairly financial position and phase or operating results. This paper concentrate primarily upon this subject about double-entry accounting system to be introduced in order to improve budgetary systems of not-for-profit organizations. These units are governmental organizations as public corporations and bodies corporate and politic. Therefore, not-for-profit organizations related to maritime and fishery should be applied to regulations of the Governmental Accounting Standards Board. GASB has the authority to establish standards of financial reporting for all units of government. With conclusion, this paper reviewed a case of double-entry system for budgetary accounting, and examined a process of financial reporting in not-for-profit organizations. Through this paper, the comprehensive understanding of budgetary accounting system for not-for-profit organizations as KSSIT would be promoted.

• Information Systems Review
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• v.16 no.3
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• pp.215-242
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• 2014

This paper investigates accounting principles about social infrastructure on Korean National Accounting Standard and on National Accounting Standards from other countries that adopted a accruals- based national accounting standards. Social infrastructure as assets has important value in financial statements of Korea and deterioration or insufficient management of social infrastructure accompanies a huge social cost. Therefore, understanding the characteristics and related accounting standard for social infrastructure is necessary. To do this, we examine the accounting standards of U.S., New Zealand, and Australia. We also review the financial statement of local government. Based on these findings, this paper suggests that a preventive-asset management approach should be applied and alternative depreciation method for social infrastructures is developed. Moreover, a local government needs to provide important accounting information to the public in a timely and reliably manner.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.2
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• pp.688-697
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• 2014

The current accounting for the long term care facilities are enforced by either financial accounting stipulations of social welfare legal entity or the guiding principles of long term care insurance law. In addition, some facilities are not eligible to access to the Korea Health and Welfare information system and even don't have any obligation to report financial information. Thus financial position and performance of activities are not well known to the interested parties. This study investigated the way how to improve the current accounting stipulation of the long term care facilities. In conclusion, we should introduce the accounting standards based on the double entry system but on other aspect, also more simplified financial statement based on single entry system for smaller facilities. Also we should introduce three important appropriation accounts for the net income of institution which matches GAAP. For a successful plantation of accounting standards, it is necessary to establish provisions, government subsidy account, depreciations concept.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.209-217
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• 2020

Taxes are levied in almost every country, primarily to raise revenue for government expenditures. This study explores factors influencing tax compliance of small- and medium-sized enterprises (SMEs) in Vietnam. Data from 376 SMEs, who are business taxpayers, were collected through a researcher-administered questionnaire survey method. The results indicate that six groups of factors have significant impacts on tax compliance among Vietnamese SMEs. These groups include: Business characteristics (BC), Characteristics of accounting practices within organization (AP), Awareness of tax obligations (TO), Tax policy (TP), View on tax compliance (TC), and Probability of tax examination on taxpayer compliance (TE). Multivariate analysis was adopted; Cronbach's alpha coefficients were calculated, then, Exploratory Factor Analysis (EFA) was used. The findings show that, among these six factors, the most influential is Characteristics of accounting practices (AP). Thus, it is recommended that tax agencies should help SMEs improve their accounting skills and increase their knowledge by organizing training workshops and short courses on taxation. SMEs also need to have an adequate accounting system in accordance with principles and standards prescribed by the Tax Law. It is expected that this study can provide important insights and understandings to policy-makers, practitioners, academicians and other regulatory authorities in tax policy formulations.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.255-262
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• 2021

The paper examines the influence of ownership type on environmental performance of Chinese listed enterprises. China's environmental problems are attributed to the collusion between enterprises and economy-oriented local governments, which has allowed many companies to skirt environmental regulations. Especially, local state-owned enterprises (SOEs) tend to have worse environmental performance than private firms, under the wing of local governments, with whom they have a closer political connection. According to the report of the Environmental Protection Agency, currently the unacceptably poor environmental performance of local SOEs has severely hampered the realization of green economy in China. After examining the dataset of 15,996 firm-year observations from 2,688 listed firms, this paper found that, in the presence of central government supervision and personnel intervention, listed local SOEs will be forced to improve their environmental performance in accordance with standards set by the central government, which leads to better environmental performance than that of listed private firms (private firms). The result of two-stage regression also supports the conclusion. This shows increased supervision and personnel intervention from the central government can significantly improve the environmental performance of local SOEs. The research in this paper expects to make a contribution to attaining the goal of green economy in China.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.46 no.1
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• pp.91-104
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• 2023

The records system is believed to have started in Italy in the 14th century in line with trade developments in Europe. In 1491, Luca Pacioli, a mathematician, and an Italian Franciscan monk wrote the first book that described double-entry accounting processes. In many countries, including Korea, the government accounting standards used single-entry bookkeeping rather than double-entry bookkeeping that can be aggregated by account subject. The cash-based and single-entry bookkeeping used by the government in the past had limitations in providing clear information on financial status and establishing a performance-oriented financial management system. Accordingly, the National Accounting Act (promulgated in October 2007) stipulated the introduction of double-entry bookkeeping and accrual accounting systems in the government sector from January 1, 2009. Furthermore, the Korean government has also introduced International Financial Reporting Standards (IFRS), and the System of National Accounts (SNA). Since 2014, Korea owned five national accounts. In Korea, valuation began with the 1968 National Wealth Statistics Survey. The academic origins of the valuation of national wealth statistics which had been investigated by due diligence every 10 years since 1968 are based on the 'Engineering Valuation' of professor Marston in the Department of Industrial Engineering at Iowa State University in the 1930s. This field has spread to economics, etc. In economics, it became the basis of capital stock estimation for positive economics such as econometrics. The valuation by the National Wealth Statistics Survey contributed greatly to converting the book value of accounting data into vintage data. And in 2000 National Statistical Office collected actual disposal data for the 1-digit asset class and obtained the ASL(average service life) by Iowa curve. Then, with the data on fixed capital formation centered on the National B/S Team of the Bank of Korea, the national wealth statistics were prepared by the Permanent Inventory Method(PIM). The asset classification was also classified into 59 types, including 2 types of residential buildings, 4 types of non-residential buildings, 14 types of structures, 9 types of transportation equipment, 28 types of machinery, and 2 types of intangible fixed assets. Tables of useful lives of tangible fixed assets published by the Korea Appraisal Board in 1999 and 2013 were made by the Iowa curve method. In Korea, the Iowa curve method has been adopted as a method of ASL estimation. There are three types of the Iowa curve method. The retirement rate method of the three types is the best because it is based on the collection and compilation of the data of all properties in service during a period of recent years, both properties retired and that are still in service. We hope the retirement rate method instead of the individual unit method is used in the estimation of ASL. Recently Korean government's accounting system has been developed. When revenue expenditure and capital expenditure were mixed in the past single-entry bookkeeping we would like to suggest that BOK and National Statistical Office have accumulated knowledge of a rational difference between revenue expenditure and capital expenditure. In particular, it is important when it is estimated capital stock by PIM. Korea also needs an empirical study on economic depreciation like Hulten & Wykoff Catalog A of the US BEA.

• Korean Journal of Construction Engineering and Management
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• v.17 no.2
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• pp.12-20
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• 2016

Along with the change of national accounting, the importance of systematic management of assets is emphasized and the awareness that the concept termed Asset Management should be introduced to the construction field too to manage facilities. The present study is a basic study for the introduction of the concept Asset Management and proposed accounting guidelines(proposal) for public building maintenance cost that can clarify maintenance cost accounting. Existing literatures and current accounting standards were examined and the actual states of maintenance cost accounting of public buildings in A metropolitan city were examined to draw problems. For the practice guidelines(proposal), the types and contents of government office building maintenance expenditures were analyzed and items that must be treated as OPEX and CAPEX were presented. Expert interviews were conducted to verify the reliability of the items presented. The practice guidelines(proposal) were applied to the public buildings in A metropolitan city to identify situations of changes in asset values and review the effects of the practice guidelines(proposal) on increases in asset values. When applied to practices, the practice guidelines(proposal) suggested in the present study are considered to increase building asset values and provide consistent financial information to help stakeholders' decision making.

• Journal of Korean Society of Occupational and Environmental Hygiene
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• v.31 no.3
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• pp.274-285
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• 2021

Objectives: The question of whether the level of fees paid to working environment measurement agencies is appropriate has long been a matter of concern to the government. In addition, measurement institutions express dissatisfaction with their level of compensation, which has a great influence on the evaluation of a subject's policy. This study is intended to find a way to appropriately calculate working environment measurement fees. Methods: We looked at the principle of fee determination as a basic theory of fee calculation used in fee calculation, the legal and academic aspects of the general method of fee calculation, and government cost calculation standards. Furthermore, we reviewed the research methods applied so far to derive a method of calculating fees appropriate for this environment. Results: The working environment measurement environment is different from other commission calculation environments. The other environment is to appropriately calculate the service price provided by a monopoly public enterprise, while the situation is to appropriately calculate the fees provided by competitive private enterprises. Therefore, the service delivery environment and the delivery entity are different. In this case, the appropriate method of calculating service fees would be competitive pricing. There have also been many problems under the method of calculation by service cost. Conclusions: First, the working environment measurement fee requires an accounting correction of endogenous variables. Second, the theory of calculating fees appropriate for this situation is appropriate for competitive pricing that applies to private competitors. Third, the government should make efforts to make the service supply market a fully competitive market while ensuring that the service fee level is determined at the marginal cost level. Fourth, economically, research on marginal cost levels is needed.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.973-979
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• 2021

The purpose of this paper is to examine the effect of tax planning on firm value of the non-financial firms listed in Vietnam, moderated by the state ownership. In this paper, effective tax rate is used to measure the tax planning; the state ownership is measured by the percentage of state equity holdings, and the firm value is measured by Tobin's Q. The data research is collected from audited financial statements and other statistical documents of 513 firms in the period of 2015-2019, provided by The FiinGroup (Vietnam). According to that, this paper uses quantitative research methods for the panel data. Regression analysis with GLS shows that the tax planning has a negative effect on firm value. In more detail, the association is not a variable in its direction when state ownership takes the role of a moderator. That means, in the perspective of principal-principal conflict, government should improve institutional environment to prevent firms form breaking the rules, especially accounting standards and principles. Assets allocation in tangible assets or making use of large size advantage should be taken into account. In the long run, firms should concentrate on the deployment of resources and the experience of knowledgeable practitioners to produce effective results.