• 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 Korean Society for Quality Management
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• v.33 no.3
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• pp.41-46
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• 2005

The production, processing, sale and service of food materials are not subject to attainment via a single country. In accordance with internationalization of the world, issues related to food safety have emerged as critical international concerns and they are closely associated with the health and interest of domestic consumers, producers, manufacturers, and distributors. As a third party certification standards, ISO 22000 is in progress International Organization for Standardization(ISO) and the Draft International Standard(DIS) has already been presented on December 2004. The purpose of this study is to analyze the international standards, guidelines and legislation in regard of Food Safety Management System(FSMS) including ISO 9001, Hazard Analysis Critical Control Point(HACCP) and Product Liability(PL) so as to present Korean-model Food Safety Management System requirements and system establishment model.

• Journal of Industrial Technology
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• v.27 no.B
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• pp.59-64
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• 2007

This study introduces an environmental noise evaluation procedure and results for a wind turbine (W/T) system. Test and evaluation are required by the international standard IEC 61400-11 in the aspect of environmental effect. Test and evaluation are performed on U-50 WT model which is first developed by the domestic W/T manufacturer. W/T test model is under operation in Daekwanryung wind test site. An integrated monitoring system in the test site is utilized for the evaluation. With the noise signal, meteorological data and W/T operational data are monitored in real time by the integrated monitoring system using LabVIEW. From the measured noise data, acoustic power level are estimated and compared with those of other similar size WT under the wind speeds required by international standard.

• Korea Trade Review
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• v.45 no.1
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• pp.241-257
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• 2020

Globally, Fintech, which acts to replace existing intranational payment methods, is actively used, and such Fintech payments are widely accepted in international B2C trade. However, Fintech for B2B trade has not been released to the market thus far, and previous attempts at electronic international payment systems, such as Bolero, TradeCard, and Identrus, have not succeeded, and most of them have completely disappeared. On the other hand, there are continuing attempts to introduce Fintech technologies such as blockchain to international payments, and these attempts are more widely pursued in foreign countries. If international payments using Fintech are marketed through foreign services and such Fintech services become the de-facto standard for international payments, then Korea in which dependency on international trade is high will be vulnerable due to a dependency on foreign services such as relying on foreign SNS platforms like Facebook and Instagram. Therefore, this paper proposes a business model that can be used as a legitimate B2B trade international payment system on the basis of domestically provided services, focusing on various services afforded by K-SURE, which is the Korea Trade Insurance Corporation.

• The Journal of Society for e-Business Studies
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• v.14 no.4
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• pp.299-313
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• 2009

As domestic logistics environment has changed into global logistics, various logistics parties are participating in processing logistics business. Goods is packed into container and delivered to consignee in steps. The goods may be damaged or lost since it has not directly delivered to consignee by single entity during the delivery process. Therefore, all parties want to know the flow of export/import cargos. However, it is very difficult to follow cargo flow consistently delivered from consignor to consignee. Because cargo flow does not be matched up information flow and information systems are based on neither standard business processes nor standard data, which makes it very difficult to associate logistics data among various logistic parties. This paper performs business process modeling for cargo tracking with international standard modeling methodology released by UN/CEFACT. And then, the standard data is defined for cargo tracking business process of unified and integrated business collaboration. The resulting business process model and data model will support international interoperability.

• Journal of the Institute of Electronics Engineers of Korea CI
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• v.45 no.3
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• pp.7-14
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• 2008

To nurture skilled IT professionals required in the 21st information society, we have been faced to the need of learner-centered open lifelong education through the e-learning system that crosses the boundaries of time, space and geography. The object of this research is primarily as-is analysis of the IT contents in present cyber institutions, then making out the basic research data by to-be analysis and international standardization trend through benchmarking. Eventually this research intends to produce a prototype of the contents especially for the subjects related to the IT which is based on the modeling of e-Learning standard contents development model. It is possible that the final output of this project is used for the contents producing and operating data in cyber universities and institutions. This output also enhances the international competitiveness by the standardization and presents a standardized guideline to the domestic cyber education institutions.

• Journal of the Society of Naval Architects of Korea
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• v.59 no.6
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• pp.362-371
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• 2022

As considerable interests in noise emission from the ships have been increased, International Maritime Organization (IMO) standardized the Underwater Radiated Noise (URN) measurement process of commercial ships in deep seas by enacting the related ISO standard ISO 17208-1 and classification societies responded with the enactment or revision of corresponding notations. According to this trend, a new hybrid underwater sound propagation model based on underwater sound propagation theories was developed and its accuracy on analysis was verified through the result comparison with the results of other generally used models. Using the verified model, each URN propagation characteristics adjusted by the correction methods proposed in the ISO standard and class notations were analyzed and compared in two assumed URN measurement cases. The results showed that the effects of transmission loss corrections in the circumstances with less bottom reflections generally similar but they had rather large differences in the model analysis results with bottom-reflection-dominant conditions. It was concluded that the deep consideration of effective bottom-reflection-correction method should be made in future revisions of ISO standard and class notations.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2022.10a
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• pp.12-14
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• 2022

In this paper, we present a standard conceptual model of livestock epidemic service in the field of smart livestock, which is emerging as an important issue in smart agriculture. By using the network to identify the global livestock epidemic disease risk and provide relevant models to service users, it is expected that it will actually provide economic benefits to livestock owners and ultimately help the national livestock industry economy. In order to apply the standard livestock epidemic service standard model and the livestock infectious disease crisis mitigation standard model sharing method that is presented in conjunction with ICT to the standards in the domestic and international agricultural and livestock industries in the future, continuous research will be carried out.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.69
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• pp.495-522
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• 2016

The Mongolia is one of the highly impressive potential developing countries in Asia according to open the economic market. Since early 1990 as the falling apart from Russian union, Mongolia has tried to developing economic status with plentiful stocked natural resources in their country. The Mongolia has been accepting the modernizing their legal systems including national amended law of arbitration 2003 which was based in the 'UNCITRAL Model Law on International Commercial Arbitration 1985' to harmonize with the international arbitration trends. However, UNCITRAL council announced the adapting members countries excluding Mongolia caused by the inappropriate international standard conditions. As the foreign business partners with Mongolian, it is not easy to agree a site in Mongolia for the place of arbitration on their disputes settlement cause by the weak confidence and precarious interruption under the arbitration processing and enforcement of award on the uncertain law of arbitration on their law of arbitration. Recently, the Mongolian government intends to revise their arbitration law to comply to newly UNCITRAL Model Law in 2006 revision for improving the putting confidence and promoting the choosing arbitration on the place of commercial disputes in Mongolia. It is the point to considering in this article to compare to the problems and alternative ways to the legal and practical arbitration services for reliant and confirming arbitration system in Mongolia for the business parties of Korea.

• International Journal of High-Rise Buildings
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• v.11 no.4
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• pp.331-346
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• 2022

Reproducing the horizontally homogeneous atmospheric boundary layer in computational wind engineering is essential for predicting the wind loads on structures. One of the important issues is to use fully developed inflow conditions, which will lead to the consistence problem between inflow condition and internal roughness. Thus, by analyzing the previous results of computational fluid dynamic modeling turbulent horizontally homogeneous atmospheric boundary layer, we modify the past hypotheses, detailly derive a new type of inflow condition for standard k-ε turbulence model. A group of remedial approaches including formulation for wall shear stress and fixing the values of turbulent kinetic energy and turbulent dissipation rate in first wall adjacent layer cells, are also derived to realize the consistence of inflow condition and internal roughness. By combing the approaches with four different sets of inflow conditions, the well-maintained atmospheric boundary layer flow verifies the feasibility and capability of the proposed inflow conditions and remedial approaches.