• Journal of Intelligence and Information Systems
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• v.20 no.4
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• pp.141-154
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• 2014

The adoption of International Financial Reporting Standards (IFRS) is the one of important issues in the recent accounting research because the change from local GAAP (Generally Accepted Accounting Principles) to IFRS has a substantial effect on accounting information. Over 100 countries including Australia, China, Canada and the European Union member countries adopt IFRS (International Financial Reporting Standards) for financial reporting purposes, and several more including the United States and Japan are considering the adoption of IFRS (International Financial Reporting Standards). In Korea, 61 firms voluntarily adopted Korean International Financial Reporting Standard (K-IFRS) in 2009 and 2010 and all listed firms mandatorily adopted K-IFRS (Korea-International Financial Reporting Standards) in 2011. The adoption of IFRS is expected to increase financial statement comparability, improve corporate transparency, increase the quality of financial reporting, and hence, provide benefits to investors This study investigates whether recognized accounts receivable discounting (AR discounting) under Korean International Financial Reporting Standard (K-IFRS) is more value relevant than disclosed AR discounting under Korean Generally Accepted Accounting Principles (K-GAAP). Because more rigorous standards are applied to the derecognition of AR discounting under K-IFRS(Korea-International Financial Reporting Standards), most AR discounting is recognized as a short term debt instead of being disclosed as a contingent liability unless all risks and rewards are transferred. In this research, I try to figure out industrial responses to the changes in accounting rules for the treatment of accounts receivable toward more strict standards in the recognition of sales which occurs with the adoption of Korea International Financial Reporting Standard. This study examines whether accounting information is more value-relevant, especially information on accounts receivable discounting (hereinafter, AR discounting) is value-relevant under K-IFRS (Korea-International Financial Reporting Standards). First, note that AR discounting involves the transfer of financial assets. Under Korean Generally Accepted Accounting Principles (K-GAAP), when firms discount AR to banks before the AR maturity, firms conventionally remove AR from the balance-sheet and report losses from AR discounting and disclose and explain the transactions in the footnotes. Under K-IFRS (Korea-International Financial Reporting Standards), however, most firms keep AR and add a short-term debt as same as discounted AR. This process increases the firms' leverage ratio and raises the concern to the firms about investors' reactions to worsening capital structures. Investors may experience the change in perceived risk of the firm. In the study sample, the average of AR discounting is 75.3 billion won (maximum 3.6 trillion won and minimum 18 million won), which is, on average 7.0% of assets (maximum 38.6% and minimum 0.002%), 26.2% of firms' accounts receivable (maximum 92.5% and minimum 0.003%) and 13.5% of total liabilities (maximum 69.5% and minimum 0.004%). After the adoption of K-IFRS (Korea-International Financial Reporting Standards), total liabilities increase by 13%p on average (maximum 103%p and minimum 0.004%p) attributable to AR discounting. The leverage ratio (total liabilities/total assets) increases by an average 2.4%p (maximum 16%p and minimum 0.001%p) and debt-to-equity ratio increases by average 14.6%p (maximum 134%p and minimum 0.006%) attributable to the recognition of AR discounting as a short-term debt. The structure of debts and equities of the companies engaging in factoring transactions are likely to be affected in the changes of accounting rule. I suggest that the changes in accounting provisions subsequent to Korea International Financial Reporting Standard adoption caused significant influence on the structure of firm's asset and liabilities. Due to this changes, the treatment of account receivable discounting have become critical. This paper proposes an intelligent diagnostic system for estimating negative impact on stock value with self-organizing maps and case based reasoning. To validate the usefulness of this proposed model, real data was analyzed. In order to get the significance of this proposed model, several models were compared to the research model. I found out that this proposed model provides satisfactory results with compared models.

• Journal of the Korean Society of Food Science and Nutrition
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• v.42 no.7
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• pp.1125-1132
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• 2013

In the kimchi manufacturing process, the starter is cultured on a large-scale and needs to be supplied at a low price to kimchi factories. However, current high costs associated with the culture of lactic acid bacteria for the starter, have led to rising kimchi prices. To solve this problem, the development of a new medium for culturing lactic acid bacteria was studied. The base materials of a this novel medium consisted of Chinese cabbage extract, a carbon source, a nitrogen source, and inorganic salts. The optimal composition of this medium was determined to be 30% Chinese cabbage extract, 2% maltose, 0.25% yeast extract, and $2{\times}$ salt stock (2% sodium acetate trihydrate, 0.8% disodium hydrogen phosphate, 0.8% sodium citrate, 0.8% ammonium sulfate, 0.04% magnesium sulfate, 0.02% manganese sulfate). The newly developed medium was named MFL (medium for lactic acid bacteria). After culture for 24 hr at $30^{\circ}C$, the CFU/mL of Leuconostoc (Leuc.) citreum GR1 in MRS and MFL was $3.41{\times}10^9$ and $7.49{\times}10^9$, respectively. The number of cells in the MFL medium was 2.2 times higher than their number in the MRS media. In a scale-up process using this optimized medium, the fermentation conditions for Leuc. citreum GR1 were tested in a 2 L working volume using a 5 L jar fermentor at $30^{\circ}C$. At an impeller speed of 50 rpm (without pH control), the viable cell count was $8.60{\times}10^9$ CFU/mL. From studies on pH-stat control fermentation, the optimal pH and regulating agent was determined to be 6.8 and NaOH, respectively. At an impeller speed of 50 rpm with pH control, the viable cell count was $11.42{\times}10^9(1.14{\times}10^{10})$ CFU/mL after cultivation for 20 hr - a value was 3.34 times higher than that obtained using the MRS media in biomass production. This MFL media is expected to have economic advantages for the cultivation of Leuc. citreum GR1 as a starter for kimchi production.

• 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.

• International Area Studies Review
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• v.15 no.2
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• pp.247-273
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• 2011

This study analyzes the impacts on the M&A and greenfield of macroeconomic variables of home and host countries, after identifying current status and characteristics of the M&A and greenfield related to the entering way of Korean firms in China. Main empirical results are summarize as follows. First, as for foreign exchange variable, the decreased value of Korea won shows the negative correlations with both of the greenfield and M&A. Second, the real interest rate of Korea to measure the cost of capital is not significant statistically. Third, while the host country's stock market index, Shanghai Comprehensive Index, shows the expected negative correlations with the investment in the case of small & medium firm and light industry, it shows the positive correlations which is not consistent with general expectation in the case of large firm and heavy industry. Fourth, the openness of host country shows the positive correlations with both of the greenfield and M&A. Finally, in regard to the M&A, China's GDP to measure the market size of host country is not significant statistically while it shows the strong positive relationship with the greenfield investment.

• Journal of Environmental Science International
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• v.14 no.9
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• pp.817-825
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• 2005

The purpose of this study was to research about salt marsh flora and vegetation in the Dongjin-river estuary area where has a project for Sea Man Geum Reclaimed Land so that we can foster foundation on restoration of an ecological habitat, development of applicable plant and establishment of a conservation policy after deceloping the reclaimed land for salt marsh vegetation which has great value ecologically. In conclusion, we was distributed that there are 7 families 21 genera, 25 species, 2 varieties of vascular plant at the Dongjin-river estuary area which have 27 taxa in total and are $0.64\%$ among 4,191 of korean vascular plant. There are also 2 family, 2 genus, 2 species of a naturalized plant which are $1.1\%$ of indicator of a naturalized plant salt marsh vegetation of the downstream are very much affected by the time of inundation, tidal water so that a low degree of salt marsh has frequent flooding by sea water and has a pure group of Suaeda japonica. A Phragmites communis, Carex scabrifolia are distributed mainly around a waterway of salt marsh and Zoysia sinica, Atriplex subcordata, Phragmites communis are living in stock as forming into patch around medium salt marsh. Suaeda asparagoides, Phacelurus latifolius are living around a little high ground and a Phragmites communis is a behind vegetation of Phacelurus latifolius and a part of the Phragmites communis are living along with waterway in a salt marsh as a community. By the 2-M method twelve plant communities were recognized ; Suaeda japonica. Carex scabrifolia, Zoysia sinica, Artemisia scoparia, Phacelurus latifolius, Phragmites communis, Suaeda maritima, Suaeda japonica-Atriplex gmelini, Phragmites communis-Suaeda japonica, Suaeda japonica-Salicornia herbacea, Salicornia herbacea-Suaeda aspar-agoides and Scirpus planiculmis community. The actual vegetation map was constructed on the grounds of the communities classified and other data.

• Journal of The Korean Society of Grassland and Forage Science
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• v.34 no.1
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• pp.52-59
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• 2014

This study was conducted to estimate the Hanwoo carrying capacity when whole crop wheat, as a winter forage crop, was grown on mixed-sowing of legume forage and by applying cattle manure on the productivity and feed value of whole crop wheat during the period of 2012~2013. The experiment was conducted in a split plot design with three replications. The main plots consisted of three different culture methods such as whole crop wheat and mixed sowing combination with hairy vetch or forage pea. The subplots consisted of four different applications of cattle manure (0, 50, 100 and 150 kg N/ha). The annual amount of dry matter (DM) of whole crop wheat in Gyeongju were higher than those of in Gyeongsan and Yeongju, and the mixed-sowing of hairy vetch mixture was the highest (p<0.05) compared with the single-sowing of whole crop wheat and mixed-sowing of legume in Gyeongju. The DM amounts were increased proportionately corresponded to the applying level of cattle manure, and was found to be significantly (p<0.05) high at the level of 100 and 150 kg/ha groups. With the feed value of forage, the crude protein (CP) contents tended to be higher in the mixed-sowing of legume than the single-sowing of whole crop wheat at the wintering experimental sites of legume. For whole crop wheat, total digestible nutrients (TDN) content was the highest in the mixed sowing plots of forage pea in Gyeongsan; however, there was no significant differences among the single-sowing of whole crop wheat. The carrying capacity of Hanwoo (head/ha) was higher (p<0.05) in Gyeongju (3.83 head) than that in Gyeongsan (3.11) and Yeongju (1.35). Further, the carrying capacity in the single-sowing of whole crop wheat was lower than that in the mixed-sowing of legume, and the hairy vetch was the highest among the mixed-sowing groups (p<0.05). Overall, the present results recommend taking into account the wintering for the mix-sowing of legume in Gyeongbuk province. The cattle manure may be applied for legume in the wintering unavailable regions. In addition, applying cattle manure at the level of 100~150 kg/ha and the mix-sowing of legume may increase the productivity per unit area and feed value, including the CP, for improving the carrying capacity of Hanwoo.

• Journal of Korean society of Dental Hygiene
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• v.3 no.1
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• pp.59-72
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• 2003

The purpose of this study was to examine what the role of denial hygienist was. The subjects were 751 dental hygienists from dental clinics, dental hospitals, general hospitals, public dental clinics and their branches throughout the nation. After a survey was conducted, the collected data were analyzed with SPSS WIN 10.0, and variance analysis and post-analysis were implemented. And Forgarty's 8th integrated model, out of 10 ones, was selected to delve into the practical role of dental hygienist in detail. The findings of this study were as follows: 1. The three age groups had a significantly different opinion on the significance of individual subjects. The dental hygienists of thirty six and over found the basic and preventive public dental care courses most important, and the 31~35 age group placed most stock in education and research. Overall, the post-analysis results showed that prevention and clinical courses were considered most vital, followed by education and fundamental courses. 2. There was a significant gap between four groups from the different work places in their view of the weight of the individual subjects. According to the post-analysis, the dental hygienists from the general hospitals, public dental clinics and their branches gave more weight to fundamental, education and research areas. Those who were with the dental clinics, dental hospitals and general hospitals put higher value on clinical course than the dental hygienists from the public dental clinics and their branches. 3. Two groups with a different career also had a different outlook on the importance of the individual subjects. The post-analysis results illustrated that the dental hygienists who had worked for three years or more put higher stress on the fundamental course than those with a less career, and the dental hygienists with a five-year or higher career attached more importance to the education and research field than those with a smaller career. 4. There was a significant difference between the three age groups in their clinical role. The post-analysis results indicated thai the younger dental hygienists were more of assistants than of professionals, as they chiefly took X-ray photograph, handled treatment materials or performed treatment-related works. Overall, handling treatment materials was most common. 5. The three groups from the different work places significantly varied in their clinical role. According to the post-analysis, those from the dental clinics and dental hospitals took more x-ray photographs, handled more treatment materials and performed more relevant works, compared to those from the general hospitals, public dental clinics and their branches. 6. The two groups with a different career differed significantly in their clinical role. The post-analysis results suggested that the dental hygienists with a less career played an assistant role more, which handled treatment materials or carried out other relevant works. 7. The fundamental courses (I) and (II), preventive class (I) and (II) and its practice course were regarded as integrated subjects that they should take 10 offer preventive treatment, which was one of the dental hygienist missions. What's needed to act as dental-care educators was the basic courses (I) and (II), dental hygiene education and its practice. Finally, integrated clinical courses (I) and (II) and clinical practice were viewed as necessary for their role performance as dental treatment collaborators.

• Journal of Distribution Science
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• v.13 no.11
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• pp.47-58
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• 2015

Purpose - This study aims to seek determinants of department store sales commission rates under consignment contracts based on transaction cost theory, the power-dependence view, and the resource-based view. A consignment contract is a unique contract where the retailer, over a given period, takes possession of goods owned by a supplier, promotes the sales of these goods, and receives a profit share from their sales. Under this contract, the supplier owns the goods until they are sold. In department stores in South Korea, over 70% of overall sales comes through consignment contracts. In other words, this is the most popular contract agreement between large retailers and vendors in South Korea. Consignment contracts yield high profits to department stores with minimal sales uncertainty, stock cost, and marketing investment. Many suppliers believe the consignment contract commission rates are too high. However, department stores disagree. They state that the commissions are not high as they generate new value for the suppliers by accumulating up-to-date merchandise and supporting various marketing programs on their behalf. Recently, consignment contracts have been critically examined and scrutinized by politicians, mass media, and the public of Korea. This study further intends to derive implications reflecting both buyer and seller perspectives as well as offer insights to policy makers in making appropriate decisions. Research design, data, and methodology - To verify the proposed research model and test hypotheses, the authors selected 164 suppliers, which currently have relationships with department stores. This study carefully investigated the reliability, content validity, convergent validity, and discriminant validity of the proposed model. The data were analyzed using SPSS 18.0 and AMOS structural equation modeling program Results - For the transaction cost theory and the power-dependence view, the results indicated that product diversity and demand volatility had a positive impact on the sales dependence on a department store. Dependence in turn had a positive effect on the sales commission under the consignment contract. Based on the resource-based view, the department store's marketing capability, the supplier's perception toward merchandising, and supporting activities could enhance the department store's channel leadership in the buyer-seller relationship. Subsequently, the channel leadership had a positive effect on the sales commission. However, product complexity had no relationship with department store dependence. Conclusions - This is the first empirical research that investigates the determinants of sales commissions under consignment contracts in the domestic retail industry. This study reveals several theoretical and practical implications for both marketing scholars and marketers. In terms of theoretical implication, this study integrated and enlarged certain theoretical background, such as transaction cost theory, the power-dependence view, and the resource-based view, to explain the determinants of sales commissions under consignment contracts that include sales revenue. From a business management viewpoint, this research offers useful insights for policy makers by applying two different perspectives, both the manufacturer and the retailer, in terms of the sales commission issue under a consignment contract.

• The Journal of the Convergence on Culture Technology
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• v.8 no.5
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• pp.697-703
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• 2022

Due to the recent economic downturn caused by Covid-19 and the unstable international situation, many investors are choosing the derivatives market as a means of investment. However, the derivatives market has a greater risk than the stock market, and research on the market of market participants is insufficient. Recently, with the development of artificial intelligence, machine learning has been widely used in the derivatives market. In this paper, reinforcement learning, one of the machine learning techniques, is applied to analyze the scalping technique that trades futures in minutes. The data set consists of 21 attributes using the closing price, moving average line, and Bollinger band indicators of 1 minute and 3 minute data for 6 months by selecting 4 products among futures products traded at trading firm. In the experiment, DNN artificial neural network model and three reinforcement learning algorithms, namely, DQN (Deep Q-Network), A2C (Advantage Actor Critic), and A3C (Asynchronous A2C) were used, and they were trained and verified through learning data set and test data set. For scalping, the agent chooses one of the actions of buying and selling, and the ratio of the portfolio value according to the action result is rewarded. Experiment results show that the energy sector products such as Heating Oil and Crude Oil yield relatively high cumulative returns compared to the index sector products such as Mini Russell 2000 and Hang Seng Index.

• Management & Information Systems Review
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• v.35 no.1
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• pp.189-206
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• 2016

It was required to attach the documents on the details of external audit including the number of the participants in external audit, audited parts and audit times under the Article 7-2 on the audit report to the accounting audit report from 2014 in accordance with the amendment to the Act on External Audit of Stock Companies. This study aim to calculate the audit fee based on the estimated cost of service calculation of the government contribution agencies by reflecting the implementation of the revised external audit. This study calculated the audit fee for the target company (a listed company assumed to have no internal control risks and relevant audit risks for unqualified opinion in the previous year, 100 billion won of total amount of asset, manufacturing company in the previous year and preliminary client request) by putting together four items of expenditure including employment costs, expenditure, general management expenses and profit in accordance with the calculation system of cost of service under the State Contract Act. Then, it used the data collected from the documents on the details of the revised external audit after requesting estimation on the target company with the estimated cost to Big-4 accounting firms to identify the participants and times of the accounting audit. The employment costs applied 150% of participation rate of the base price of employment costs for the academic research service cost in 2014, the expenditure used the average value of accounting firms of corporate business management analysis of the Bank of Korea (2013), the general management expenses applied 5% of the general management rate of service business under Article 7-1 of the Enforcement Rule of the Act on Contracts to which the State is a Party and the profit applied 10% of profit rate of service business under Article 7-2 of the Enforcement Rule of the Act on Contracts to which the State is a Party. Based on the calculation of the estimated costs by applying the above, the audit fee was estimated at 50,617,769won. Although the result is not the optimal audit fee, it may be used as a basic scale to compare the audit fees of companies without criteria. Also, such amendment to the Act on External Audit of Stock Companies may improve independence of auditors and transparency of the accounting system rather than previous announcing only the total audit times.