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Initial Adoption and Convergence of Accounting System under the K-IFRS by the Quasi-Government Entity : A Case of National Research Foundation of Korea

준정부기관의 한국채택국제회계기준(K-IFRS) 도입 및 회계시스템 융합과정의 주요 회계현안과 시사점 -한국연구재단 도입사례를 중심으로-

  • 김도형 (한국연구재단) ;
  • 오광욱 (고려대학교 경상대학 경영학부) ;
  • 박성종 (안양대학교 사회과학대학 경영학과)
  • Received : 2015.03.31
  • Accepted : 2015.09.20
  • Published : 2015.09.28

Abstract

The study introduces the case of initial adoption and convergence of accounting system under the K-IFRS by the quasi-government entity, the National Research Foundation of Korea(NRF). Followings are the methodology used in the study. (1) The study provides several accounting issues, their impact on the financial information of the NRF and implications about NRF's financial information in the course of convergence of accounting system under the K-IFRS. (2) As examples of accounting issues, the NRF reflected several accounting difference such as revaluation of fixed assets, economic useful life, depreciation method, reclassification of investment, representation of transfer revenue from the government, the timing of revenue recognition, and employ benefits, etc. As results of adjustments under the K-IFRS, the NRF decreased 1,109 billion of total assets and 1,064 billion of total liabilities. Also, increase in operating expenses results a slight decrease in net income, which may have an impact on future management evaluation of the NRF. A successful case of K-IFRS adoption by the NRF which brings deep insight on adoption and convergence of new accounting system to other quasi-government entity.

Keywords

K-IFRS;Quasi-Government Entity;Convergence of Accounting System;Accounting Issue;Financial Statements

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