S-Space College of Business Administration/Business School (경영대학/대학원) Institute of Management Research (경영연구소) 경영논집 경영논집 vol.41 (2007)
한국의 회계기준에 대한 국제회계기준의 영향과 평가
The Impact and Evaluation of International Accounting Standards on Korean Accounting Standards
- 남상오; 김태윤
- Issue Date
- 서울대학교 경영대학 경영연구소
- 경영논집, Vol.41 No.1/4, pp. 20-45
- The purpose of this study is to deal with two things: first, exploring the impact of
International Accounting Standards (IAS or IFRSs) on the revision and change of
Korean Accounting Standards and second, evaluating this impact in the era of fully
adopting International Accounting Standards as the Korean GAAP. Our result is that
International Accounting Standards have made very great influence on the revision and
change of Korean Accounting Standards since the Korean financial crisis of 1997.
We evaluate separately the advantages and the disadvantages in the influence of
International Accounting Standards on Korean Accounting Standards. The advantages
are as follows: Firstly, this improves the international recognition of Korean
Accounting practices as well as our recognition. Secondly, Global firms of Korea can
reduce cost in relation to making their financial statements because these firms do not
have to make financial statements twice. Thirdly, we can reduce short-term expenses
of making accounting standards. The disadvantages are as follows: Firstly, we may
endure negative effects on the usefulness of accounting information when International
Accounting Standards neglect the inherent characteristics of Korean situation.
Secondly, the full adoption of new accounting principles would mean immediate extra
costs and more burdens to us. Thirdly, we would lose our right to make our own accounting principles in the era of International Accounting Standards, so we worry
about a problem of the accounting sovereignty. And lastly, we will have more
expenses of making accounting standards in the long run.
The conclusion is that we should make a careful plan realistically to maximize our
interests in the rapidly changing circumstances. We think this will be essential because
the current general situation of the full adoption of International Accounting Standards
cannot be changed.