ScholarWorks@숙명여자대학교

초록

[Purpose] Since Korea fully adopted IFRS in 2010, disagreements regarding implementation and application of IFRS among practitioners, external auditors, and regulators have bee increased. There are increasing demand for committee of questions and answers on K－IFRS (K－IFRS Q&A) to reconcile disagreements in interpretations of accounting standards. Little study, however, has focused on legislative basis and legal authority of K－IFRS Q&A. [Methodology] The purpose of this study is to propose how to improve K－IFRS Q&A by examining legal issues of K－IFRS Q&A and similar Q&A services operated by other government department in Korea and the U.S. More specifically, we review authoritative interpretation of law by Korea Ministry of Government Legislation and tax law interpretation and Q&A service provided by Korean National Tax Service. [Findings] K－IFRS Q&A has limited legal authority to interpret IFRS because IASB has authority to issue and interpret IFRS. However, the impact of answers by K－IFRS Q&A on industry practitioners is significant as there is no consensus on the accounting issue raised to K－IFRS Q&A. Thus, K－IFRS Q&A are regarded as quisi－standard setters although they have no legal authority. [Policy Implications] This study proposes several suggestions to improve K－IFRS Q&A including operation of agenda committee to avoid issues of legal judgment, expert pooling system for committee member to improve expertise, and increased response period to review the agenda in depth.

키워드