국제회계기준 도입이 건설업 재무제표에 미치는 영향- 분양공사를 중심으로 -

초록

It is widely believed that the consolidated financial statements become the main financial statement by the implementation of the IFRS(International Financial Reporting Standards), with reporting all the published documents by the form of the consolidated financial statements. Moreover, IFRS is shareholder-oriented and encourage the fair value approach to financial statement presentation. Investors expect the fair value accounting to result in offering the higher quality investment information, thereby lowering information asymmetry between the firm and investors. In addition to the general impact of the adoption of the IFRS, construction industry is expected to experience the influential changes due to the use of the delivery basis. This paper investigates the impact of the implementation of the IFRS on construction industry by the case study of companies that engage in pre-sale construction. Specifically, this study examines whether there are influences on financial status and performance in GS Engineering & Construction Co.(Hereafter, GS) and Hyundai Development Co.- Engineering & Construction(hereafter, HD) when they change the standard of pre-sale construction from the percentage-of completion method to the delivery basis. Since IFRS allows revenue recognition only if the project has been delivered, it would be difficult for builders to evade the delivery basis of accounting. In our samples, GS has a relatively small portion of pre-sale revenue among total sales, whereas HD shows higher pre-sale revenue. Our data also shows noticeable comparisons that GS has no completed construction during the sample period, whereas HD is used to have some completed constructions annually. The results of this study show that the GS decreases the sales, pre-tax earnings, return on sales and current ratio, and increases the debt ratio after adopting K-IFRS while HD has increased or decreased the sales, pre-tax earnings and return on sales depend on the portion of completion of constructions. Particularly the results show that the more pre-sale revenue differences between process base and completion base, the more volatility of earnings. Overall, our results suggest that we need a special attention for influence on adopting K-IFRS when we assess the capacity of construction firms because the financial ratio of construction industry plays an important role in current assessment of a firm's construction capability.

키워드