감사인의 법적책임과 재무보고의 신뢰성

손혁(Hyuk Shawn),박영진(Young-Jin Park) 한국산업경영학회 2015 經營硏究 Vol.30 No.4

본 연구는 감사인의 법적책임이 커지는 경우 재무보고의 신뢰성이 높아지고 있음을 수리적으로 확인했다. 감사인의 법적책임을 높이면 감사인은 손해배상위험을 낮추기 위해 감사투입노력을 증가시킨다. 또한 감사투입노력의 증가는 감사보수를 높이게 된다. 즉 감사인의 법적책임을 높임으로써 감사인의 효용에 손상만을 가져오는 것은 아니며, 오히려 감사인은 정당한 주의의무의 증가로 인해 엄격한 감사를 실시하게 될 수 있다. 이를 종합하면, 본 연구의 결과는 감사인의 법적책임을 높임으로써 자유수임제하에서 감사품질이 제고될 수 있으며 감사인은 정당한 보수를 수취할 수 있음을 암시한다. 최근 들어 회계부정에 대한 회계법인의 책임과 처벌이 작다는 의견들이 나타나고 있다. 본 연구의 결과는 감사인의 법적 책임을 높임으로써 현재 우리나라 외부감사인의 여러 가지 당면 과제를 해결할 수도 있음을 나타내고 있다. This study investigates the relation between auditor liability and financial reporting credibility. Our model explains that auditor liability increases audit effort in order to reduce litigation risk. Also, increasing in audit effort can enhance audit fees. That is, our model finds that increasing auditor liability does not always bring damage to the effectiveness of auditor, rather auditors can conduct rigorous audits. Taken together, our model suggests that increasing the liability of auditors can improve audit quality and receive adequate audit fee. This study indicates that auditors can resolve the various problems of auditors in recent years by increasing the liability of auditors.

고객충성제도를 이용한 이익조정

손혁 ( Hyuk Shawn ),정재경 ( Jae Gyung Jung ),이효익 ( Hyo Ik Lee ) 한국회계학회 2013 회계학연구 Vol.38 No.4

The importance of customer loyalty programs (hereafter CLP) is increasing substantially with the expanding implementation of these programs across industries and firms in Korea. This study evaluates the potential earnings management practices in the CLP related accounts. Initially, we have constructed a model that can measure a discretionary provision for CLP. This model helps us to identify discretionary management in CLP accounts, and to examine whether managers attain earnings increase by primarily reversing the reserves from CLP accounts. Our empirical tests indicate that discretionary management of CLP is related to a firm`s earnings growth rate, as well as its several other characteristics including operating cash flow (OCF), corporate governance, and disclosure policy. In particular, discretionary provision of CLP is used for the purpose of either income smoothing or big bath accounting. The earnings management practices vary depending on the profit/loss status of firms and its magnitude.

사업결합으로 취득한 영업권의 손상검사에 대한 연구

손혁 ( Hyuk Shawn ),박영진 ( Young Jin Park ),박성진 ( Sung Jin Park ) 한국회계학회 2011 회계저널 Vol.20 No.2

무형자산의 공정가치 평가 -로열티공제법을 중심으로-

손혁 ( Hyuk Shawn ),박성진 ( Sung Jin Park ),김성남 ( Sung Nam Kim ) 한국회계학회 2011 회계저널 Vol.20 No.2

경쟁금지 합의의 무형자산 인식과 측정 -이익차이비교법과 실물옵션접근법을 중심으로

손혁 ( Hyuk Shawn ),정재경 ( Jae Gyung Jung ),김태윤 ( Tae Yun Kim ) 한국회계학회 2013 회계저널 Vol.22 No.3

사업 결합시 발생하는 영업권 이외에도 인적자원과 브랜드가치, 시장점유율, 기업문화 등과 같은 무형 자산의 종류와 그 중요성이 점차 강조되고 있는 현 상황에서 과거에 재무제표에 인식하지 못하던 무형자산을 어떻게 합리적으로 인식하는지 여부는 중요한 문제일 것이다. 본 연구는 K-IFRS 1103호에서 식별가능한 무형자산으로 규정하고 있는 사업결합 시 취득한 경쟁금지 합의에 대해 소개하고 경쟁금지 합의를 재무제표에 인식하기 위해 주로 사용하는 방법인 이익차이비교법에 대해 가상의 기업인 W사의 사례를 통해 설명하였다. 이익차이비교법은 미래현금흐름의 크기 및 시기, 할인율을 산정하는데 많은 주관성이 개입되며, 계약 및 기술에 대한 변동성을 반영하지 못한다는 단점이 있다. 따라서 이익차이비교법을 사용할 때 현금흐름할인접근법의 가정 및 평가과정을 상세히 공시해야 할 것이며, 비교대상 평가방법을 제시하는 것이 중요한 문제이다. 한편, 본 연구는 비교대상 평가방법으로 경쟁금지 합의의 연기옵션적 성격을 이용하여 실물옵션접근법을 제시하였다. 본 사례에서 소개한 실물옵션접근법은 실무에서 적용이 쉽다는 장점이 있으나 변동성의 객관적인 산정이 중요한 문제일 것이다. 따라서 정보이용자가 오도하지 않도록 주석에 변동성 측정 등 과정을 상세히 공시함으로써 정보의 신뢰성을 높여야 할 것이다. 본 W사의 사례는 경쟁금지 합의라는 무형자산의 이해가능성을 높이고, 동 자산의 평가방법에 대한 상세한 소개를 통해 정보이용자가 자본시장에서 무형자산의 가치를 평가하는데 도움을 줄 것으로 예상된다. The importance of intangible assets such as human resources, brands, market shares and corporate culture as well as goodwill is more and more increased. As a result, resonable recognition of intangible assets which were not recorded in financial statements until recently has become an important issue. This study examines noncompete agreement that has been separately recorded under K-IFRS No. 1103, and presents comparative income differential method and real option method in case of W Company. The comparative income differential method is useful for the recognition of noncompete agreements, but it needs some assumptions in estimating the magnitude of future cash flows, timing, discount rates. Therefore, it is important to disclose detailed assumptions of discount cash flow method and valuation processes. In addition, this paper presents real option method as an alternative method of the discount cash flow method by using optional characteristics of non-compete agreements. The real option method has some advantages when estimating intangible assets in practice because it can measure the value of volatilities such as growth opportunities, deferral options and abandonment options. However, an appropriate and objective calculation of volatilities is needed to assess intangible assets because the real option method can inflate the value of volatilities. The case of W Company is expected to enhance understanding of intangible assets and have contributions to assessing the value of intangible assets.

재무상태표의 배열과 기업특성

손혁(Shawn, Hyuk) 한국국제회계학회 2014 국제회계연구 Vol.0 No.58

본 연구는 2011년부터 도입된 한국채택 국제회계기준(K-IFRS)으로 인한 재무제표의 보고방식의 차이에 주목하였다. 국제회계기준에서는 재무상태표 작성시 유동성배열 및 역유동성배열법을 선택하여 사용할 수 있다. 국제회계기준에서 강조되는 개념은 원칙 중심(principle-based) 회계처리로, 이는 경영자가 기업의 산업 및 환경에 맞추어 그 실질을 외부정보이용자에게 잘 전달할 수 있도록 경영자의 재량권을 확보하기 위함일 것이다. 하지만 경영자는 자신의 유인(incentive)에 의해 국제회계기준에서 부여한 재량권을 이용할 가능성도 존재한다. 따라서 본 연구는 한국채택 국제회계기준에서 부여한 재무제표의 재량성 있는 배열 및 보고방식이 기업특성과 보고품질에 어떠한 영향을 미치는지를 확인함을 그 목적으로 한다. 먼저 역유동성배열방식으로 재무상태표를 작성하는 기업의 특성을 살펴보았다. 이 기업들은 주로 전체 자산에서 설비자산의 비중이 크고, 부채비율이 낮으며 파산위험이 유의하게 작다는 특징을 보였다. 본 연구를 통해 K-IFRS에서 허용한 재무상태표의 배열방식의 차이가 기업의 특성을 나타내고 있고, 기업의 실질을 보여주고자 하는 유인과 긍정적인 측면을 부각하여 보여주고자 하는 경영자의 의도가 혼합되어 있음을 확인할 수 있다. 한편, 재무제표의 배열 방식이 기업의 특성을 제시하고 있음을 외부정보이용자들은 인지해야 하며, 주어진 정보를 판단할 때 보다 주의를 기울여야 함을 암시한다. Companies listed in Korean stock market have adopted International Financial Reporting Standards(K-IFRS) since 2011. K-IFRS allow for a variety of reporting methods for financial reporting. Unlike the past Korean local GAAP(K-GAAP) that allowed for only the current arrangement method in the statements of financial position, K-IFRS allow for both the current and non-current arrangement method. In other words, K-IFRS grant the choice between the arrangement methods to allow the managers to express the substance of their companies more fully. The managers, however, may use their discretion granted by K-IFRS for their own incentives(Francis and Wang 2008; Ball 2009). After the adoption of the K-IFRS, some companies started to announce their assets and debts in the non-current arrangement method. The difference in the reporting methods comes from the attempts that companies make to show their substance better. It may correspond to the purport of the K-IFRS, but it is possible that discretion granted by the incentives of the managers will be used at the same time. Thus, I focus on the difference between the groups with different reporting methods. That is, I investigate whether the differences in the arrangement methods would reflect the characteristics of financial reporting. I identify a series of characteristics of companies that used the non-current arrangement method for their characteristics. I find that the companies have high percentage of plant and equipment assets in the total assets, low debt ratio, and significantly low bankruptcy risk. It means that the companies emphasize the relative substantiality of their capital by presenting their biggest assets first. This result suggests that managers want to give a positive aspect to information users by using their arrangement method. This result also indicates that information users pay further attention to given information for better making-decision.

리스선택은 어떻게 이루어지는가? 새로운 시각

손혁 ( Hyuk Shawn ),이중희 ( Joong Hee Lee ) 한국회계학회 2015 회계학연구 Vol.40 No.5

Information users make an investment decision by analyzing various components of firm``s assets and liabilities or income. However, managers who maximize their utilities using their discretion on accounting choice are likely to mislead decision-making of information users in the financial statements(Watts and Zimmerman 1986). Accounting choice in efficient market with homogenous information and rational expectations does not affect the decision. In reality, on the other hand, there may be a transfer of wealth by accounting choice because of information asymmetry between managers and information users(Holthausen 1990). In contrast, accounting choice does not necessarily bring inefficiency. It can not only perform the function of transmitting substantial information but also alleviate manager``s intention to manipulate accounting numbers in the financial statements(DeAngelo et al. 1994). Thus, agency problem may worsen further under the regulation of mandatory accounting choices. Lease is classified into operating lease and capital lease under IFRS, depending on whether a lessor(leasing company) or a lessee takes the risks and benefits. However, International Accounting Standard Board(IASB) is to present a paper that discusses constraints on the use of operating lease. This will impose serious constraints of lease accounting choice, deviating from principle-based accounting of IFRS. Why did IASB make this decision? Lessee use lease assets by paying the price for leasing companies through their lease contract. In fact, there is no difference between operating and capital lease as well as lease and installment purchase in substance(Dieter 1979). Nevertheless, managers may prefer a lease accounting under a certain situation, so researchers have endeavored to find determinants in choosing lease accounting through empirical studies. We derive a model of lease choice that analyze theoretically various determinants of lease choice. More specifically, we verify mathematically how managers`` characteristics such as compensation, tenure and ownership affect the lease choice. First, we identify that there is no difference in cash flow between operating lease and capital lease in the lease period. Managers`` tenure also has no influence on lease choice. However, operating lease is more advantageous than capital lease in time value of money. This result indicates that managers whose compensation system is connected to firms`` performance such as net income or cash flow can prefer operating lease. Second, we show that managers`` share ratio, return on assets(ROA), corporate tax rate and corporate governance are related with lease choice. In other words, managers`` compensation system connected with ROA can increase the use of operating lease. Also, private gain-seeking such as empire building or perquisite consumption of manager can affect lease choice. Previous studies have examined the effects of lease choice on the off-balance sheet financing, for example financial ratios, but this study finds the intrinsic motivation of lease choice from managers. Recently, operating lease has been used widely, though the financial accounting standards have been tightened to discourage the use of operating lease. The importance of unrecognized assets and liabilities arising from operating leases has been increasing significantly, and investors may incur conversion costs in interpreting financial reporting about lease information. This paper is the first study to model managers’ intentions of lease choice. This study suggests that the incentives or the determinants to classify lease are not the same for each firm as well as each manager. Therefore, the results of this study are in line with the intention of IASB to remove the discretion of lease choice. This study indicates that mandatory capital lease accounting in IFRS can mitigate information asymmetry between managers and shareholders. This study is also expected to help better understand on the revision of IFRS in lease accounting.

감사인의 성별이 감사품질과 보수주의에 미치는 영향

손혁 ( Hyuk Shawn ),정재경 ( Jae Gyung Jung ) 한국회계학회 2013 회계학연구 Vol.38 No.2

Everyone knows that the differences of propensity between men and women do matter. Prior researches in marketing and cognitive psychology confirmed that the differences between male and female had an influence on consuming behavior, decision making and risk aversion. According to prior research, women`s unbiased decision is because that they can collect comprehensive information(Reder 1987; Chung and Monroe 1998; O` Donnell and Johnson 2001). Moreover, women are inclined to not only pass more careful judgment, have more risk-averse and less overconfident propensity than men, but also they are not persuaded or changed by other`s opinion(Cohn et al. 1975; Riley and Chow 1992; Powell and Ansic 1997; Byrnes et al. 1999). The differences of propensity between male and female are being used in the recent accounting and financial researches. For examples, there are some studies that want to know how the gender of investor or manager has an influence on making decision(Barber and Odean 2001; Watson and McNaughton 2007; Huang and Kisge 2008; Barua et al. 2010.). Audit quality is defined as combined probability between the possibility that error or fraud is detected by auditor and the possibility that detected error or fraud is reported honestly. We suggest that women`s propensity including risk-aversion, prudence and unbiased disposition has a close relation to definition of audit quality. In other words, we posit that women`s propensity and decision making process can improve audit quality. The motivation of our study is as follows. First, it is needed to analyze the relation of auditor gender to audit quality because the position and the ratio of women auditor are more and more increasing in Korea. Second, there are few prior studies that have an empirical result about auditor gender, so we propose our empirical results have some timeliness and significance. We measure audit quality by using level of discretionary accruals and going concern opinion. Also, we confirm that auditor gender affect conservatism by using Basu (1997) and Ball and Shivakumar(2005, 2008) model. The results are as follows. First, the level of discretionary accruals was significantly low when female auditor is partner or manager. Second, female auditor give significantly greater proportion of going concern opinion. Third, conservatism of female auditor is significantly higher than that of male auditor. However, our results can be affected by an auditor`s position or experience because female auditors are relatively low in position compared to male auditors. Therefore, we correspond one-to-one sample configuration in order to control auditors` position and experience, but we get the same result. Also, our results using matched samples and Heckman(1979) two stage method to control either personal characteristics or clientele effect shows same results. In addition, we confirm the recognition of the impairment loss are affected by auditor gender. Our results suggest that women`s prudence and risk aversion can decrease aggressive accounting and give conservative opinion. We verify hypotheses that women`s decision making process and propensity have an influence on audit quality and conservatism. That is, we show that women`s propensity that making a relatively unbiased and prudent decision, collecting comprehensive information and not being persuaded by other`s opinion enables audit quality to improve. Our result will serve as a mean that society`s prejudices against women auditors are alleviated and it will be more helpful to enhance women`s position in accounting firms. Our study has some differences from prior research about audit gender. First, it is an empirical research. Related prior ones are mostly experimental studies, so we suggest that our empirical results will give an objective and valid evidence. Second, we take notice if women`s position, i.e. partner or manager, has an influence on audit quality and conservatism. Third, we use various methods to measure audit quality and conservatism such as discretionary accruals, just like prior studies, as well as going concern opinion, impairment loss.

재고자산과 구성요소의 추세

손혁 ( Hyuk Shawn ),정재경 ( Jae-gyung Jung ),백원선 ( Wonsun Paek ) 한국회계학회 2021 회계학연구 Vol.46 No.3

Inventories are an accrual component of operating activities that play an important role in generating profit and are a source of information for predicting future cash flows. Recently, however, inventory management and control techniques have changed drastically. This study examines trend of inventory, and the components such as goods, products, work in process and raw materials, as well as inventory change, real earnings management using inventory. Also, we examine value relevance and earnings persistence, which are used as proxies for reporting quality of firms. The results of the empirical analysis are as follows. First, the size of inventories has declined overall since the financial crisis of 2008 and the adoption of IFRS, and a significant decrease in products and work in process. Second, trend of real earnings management and error inventories has declined. Third, trend of the value relevance and persistence of inventories has increased. Fourth, the IFRS adoption has affected significantly inventory and the components, and the trends of inventory are different across industries. Our results indicate that inventory size changes due to IFRS and inventory management and control techniques, and that inventory changes and real earnings management using inventory are decreasing. This implies that the reporting quality of inventories is increasing by providing information users with more relevant information. This study provides various implications for external auditors, regulators, and corporate practitioners by conducting trend analysis of inventory, the components and reporting quality of inventory.

COVID-19 위기와 회계정보의 가치관련성

손혁 ( Hyuk Shawn ),최성호 ( Sungho Choi ),강유정 ( Youjung Kang ),최관 ( Kwan Choi ) 한국회계학회 2021 회계학연구 Vol.46 No.5

This study analyzes the value relevance of accounting information for Korean firms pre and post-spread of COVID-19. COVID-19 brought a new form of fear and uncertainty to firms, which drastically increased the volatility of capital markets and exacerbated the financial predicament of companies. A firm's financial distress increases the value relevance of net assets that provide liquidation value and asset abandonment value, while lowering the value relevance of net income, which indicates growth and profitability. However, the crisis in the capital market caused by COVID-19 differs from the 1997 financial crisis in Korea and the 2008 global economic crisis in that it emerged due to an external element of the economy called an epidemic. The results of this study are as follows. First, after the spread of COVID-19, the value relevance of net income declined significantly, and the value relevance of net assets also declined. This suggests that COVID-19 negatively affected the value of net assets, which means liquidation value. Second, the decline in the value relevance of net income is found to be a decline in the value relevance of accruals rather than operating cash flows. This result implies that stakeholders in the capital market prefer information of operating cash flows to accruals under the COVID-19 crisis. Our findings can help various information users in decision making in the era of COVID-19.