The Effect of First-time Adoption of K-IFRS on Consolidated Financial Statements : Case Study of Pulmuone Company

다국어 초록 (Multilingual Abstract)

The Korean government has recently allowed firms to adopt K-IFRS from fiscal year 2009 prior to the adoption of K-IFRS in 2011, which required them to prepare their consolidated financial statements in accordance with K-IFRS. This study investigates the effect of the first-time adoption of K-IFRS on key financial measures of Pulmuone, focusing on illustrating how K-IFRS affect Pulmuone's consolidated financial statements. The findings show that K-IFRS adoption at Pulmuone affects its financial performance and financial position. The assets, liabilities and equity based in K-IFRS on January 1, 2008 and December 31, 2008 all increased. Operating income, income before tax, income and comprehensive income drastically increased compared with accounting policies based on K-GAAP. The study also demonstrates that Pulmuone's transition to K-IFRS appears to introduce volatility in consolidated financial position and income statement figures.

참고문헌 (Reference)

1 여은정, "국제회계기준(IFRS)의 도입이 재무제표에 미치는 효과-IFRS 도입국(독일, 영국, 홍콩)을 중심으로-" 한국국제회계학회 19 (19): 175-202, 2007

2 임석우, "국제회계기준 도입으로 인한 기업의 재무제표 변동에 관한 연구" 한국국제회계학회 (34) : 293-312, 2010

3 주인기, "국내기업의 한국채택국제회계기준 최초채택 - K-IFRS 제1101호를 중심으로 -" 한국회계학회 19 (19): 219-254, 2010

4 "Pulmuone Company’s Sustainability Report 2009"

5 "Pulmuone Company’s Sustainability Report 2008"

6 "K-IFRS 1101 First-time Adoption of International Financial Reporting Standards"

7 "Consolidated auditor's report of Pulmuone in 2009"

8 "Consolidated auditor's report of Pulmuone in 2008"