• Journal of Legislation Research
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• no.53
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• pp.491-524
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• 2017

Under the general maritime law, a life salvor has no claim against the person saved, and a pure life salvor has no right to compensation from the owner of the ship or its cargo. This harsh rule, which treats the salvor of life less generously than the salvor of property, has been modified by international conventions, statutes, so that life salvors may expect a reward in most cases. It is, especially, unreasonable that a prerequisite of a salvage award is that at least some of the property must be saved, because life of a person can not be compared to values of goods such as vessels and cargoes. Also it is not understandable that only pure life salvors can not expect a reward for the saving of life from the owners of the property. In the meantime, according to Article 39 of the Korean Maritime Search and Rescue Act (hereunder, KMSARA), any person who has gave assistance and rescued in accordance with a governmental officer's order may get a compensation for their time and labour. The above mentioned compensation which is stemmed from the KMSARA may play a role as a compliment for the lack of enough compensation to a life salvor. This means that even though a life salvor failed to save property, he may expect a minimum compensation from the KMSARA. However, it should be recognized that when a life salvor is entitled to both remuneration for the salvage of life and recourse of expenditures from the KMSARA, the total remuneration shall be paid only if and to the extent that such remuneration is greater than any reward recoverable by the salvor under the Korean Commercial Code and the KMSARA.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.35 no.1
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• pp.148-153
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• 2012

When the number of items of same type of industrial property is quite large, calculating depreciation for a group of such items may be more efficient than depreciating each item separately. Several different depreciation systems may be used for group depreciation. If the life of each vintage in an account are not estimated, then the BG procedure can be used; the BG procedure puts all vintages of the same type of property into a single broad group for depreciation purposes. In this case, only an estimate of the PASL and the net salvage ratio for all the property in the broad group is needed to calculate the depreciation charge.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.33 no.3
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• pp.219-224
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• 2010

Depreciation accounting has as its main objective, the recovery of the original cost of plant investment less net salvage, over the estimated useful life of that plant. Accuracy of the whole life technique in meeting this objective depends entirely on the original estimates of service life and net salvages for an account. Where the whole life technique has been used and original estimates prove inaccurate, excessive or deficient accumulations in the depreciation reserve frequently occur. To overcome this, the remaining life technique is suggested to better match the challenges of accelerated technology and competition within the regulated environment. The flexibility of the remaining life technique will allow an even chance to provide a complete recovery of the original cost.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.36 no.1
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• pp.53-57
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• 2013

Several different depreciation systems may be used for group depreciation. The vintage group procedure treats the same type of property placed in service during the same year as a distinct group for depreciation purposes; therefore an estimate of the probable average service life and net salvage ratio(s) of each individual vintage is necessary. The vintage group procedure calculates an accrual rate for each vintage and the accrual rate for an account for specific calendar year is the weighted average vintage accrual rate for that calendar year. A further refinement would be to divide each vintage into groups such that all of the dollars in a group have the same estimated life-an equal life group (ELG). Then each ELG is depreciated over its estimated life. The effect is to recover each dollar over the estimated number of years it is in service. Each vintage is divided into several equal life groups (ELGs) such that all the property in a specific ELG has the same estimated life. The accrual rate for each ELG is based on the estimated life of that ELG. The vintage accrual rate for a specific year is the weighted average ELG accrual rate for that calendar year. In this paper, we illustrate the calculations of vintage accrual rates for each of the calendar years by the ELG depreciation systems.