신주인수권부 사채의 회계처리에 대한 소고

Abstract

Accounting standards acknowledge that detachable warrants and nondetachable

warrants are significantly different in nature. However, accounting treatments for

nondetachable warrants are, in essence, the same as accounting treatment for

detachable warrants. The questions arises whether the allocation of the value of the

warrants should be allocated to the exercise privilege. It is reasonable that the issuance

of bonds with detachable warrants involves two securities, one a debt security, which

will remain outstanding until maturity, and the other a warrant to purchase common

stock. Due to the fact that separable instruments exists at the time of issuance,

separate treatment is justified. However, the entire proceeds from nondetachable

warrants should be recorded as debt.

Although the legal forms are different, sufficient similarities of substance exist to

support the same accounting treatment, that is, inseparability per se is not a sufficient

basis for restricting allocation between identifiable components of a transaction.

Therefore, to deny recognition of value to the conversion feature merely looks to the

form of the instrument and does not deal with the substance of the transaction.