ScholarWorks@숙명여자대학교

초록

The purpose of this study is to identify problems in operation of Questions and Answers on K-IFRS (K-IFRS Q&A) to improve the quality of financial reporting. To this end, this study reviews advantages and disadvantages of the principle-based accounting and operating procedures of the K-IFRS Q&A in Korea. We also survey Q&A in FASB, IASB, SEC, and ESMA. Based on the reviews, this study suggests several proposals to improve the procedures and operations of the K-IFRS Q&A. This study identifies five types of questions such as interpretation, commentary, technical inquiry, fact-based judgment, and regulatory opinion according to purposes and contents of questions. We suggest that the K-IFRS Q&A should respond to questions of interpretation, commentary and technical inquiry, but not to fact-based judgment and regulatory opinion. Since principle-based accounting emphasizes the judgment on accounting policies by practitioners and auditor, it is not appropriate for the third party to make a judgment for them. This study also proposes an agenda committee for efficient identification of qualified types of questions. We also propose a pool of professionals, a procedures of collecting outside opinions such as outreach and comment letters, and transparent and open process for the K-IFRS Q&A.

키워드