우리 나라의 새로운 파생상품(Derivative Instruments) 회계원칙의 평가에 관한 연구

• 영문명: An Exploratory Study on New Korean Accounting Standards on Derivatives and Hedging Activities
• 발행기관: 인하대학교 산업경제연구소
• 저자명: 이성규
• 간행물 정보: 『경상논집』경상논집 제13집 제2호, 21~68쪽, 전체 48쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 1999.12.01

영문 초록

Changes in financial markets and related financial innovations have led to the development and use of new derivative financial instruments to manage or hedge risk exposures of financial institutions and business corporations. But accounting standards have not kept with those changes. Korea Securities Supervisory Board issued new accounting Rule53-70 on derivatives and hedging activities in June 1999. This study is to evaluate whether this new rule addresses the major concerns of accounting for derivatives. In the past, major concerns of accounting for derivatives included lack of visibility, incompleteness, internal consistence, differing views on unrealized gains or losses of derivatives and difficulty in defining hedges. Derivative instruments and unrealized changes in value of these instruments were not recognized in the financial statements. Standard setters had difficulty providing timely guidance on quickly emerging derivatives. The old rule on derivatives were not consistent with the provisons of Corporate Accounting Standards, the highest authoritative accounting standards in Korea. While the old rule required that the changes in market value of a derivative qualifying as a hedge were reported as an adjustment of the carrying amount of the hedged item, many scholars could not accept the justification this accounting treatment. Also, there were differing views on the definition of risks, exposures to risk, assessment of risk reduction and qualifications of hedge accounting. New rule expands the definitions of derivatives to include all derivative instruments, even those yet to be developed, and requires all derivative financial instruments to be measured at fair value and reported as assets and liabilities on the balance sheet. Rule53-70 allows special hedge accounting treatment for derivatives specifically designated as the fair value hedge and the cash flow hedge. It requires an entity to recognize in current earnings the changes in the fair value of derivatives not qualifying for hedge accounting. Fair value hedge is hedging the exposure to changes in the fair value of a recognized asset or liability or of an unrecongnized firm commitment. Cash flow hedge is jedging the exposure to variability in cash flows of a recognized asset or liability or of a forecasted transaction. The hedge to foreign currency risk is also classified as either the fair value hedge or the cash flow hedge. In the fair value hedge, and entity should recognize in current earnings the en-tire gain or loss from a change in a derivative's fair value in the period of the change and also the change in fair value of the hedged item attributable to the risk being hedged. The change in fair value of the hedged item will adjust the carrying value of the item. In the cash flow hedge, the gain or loss on hedging instrument in effective hedge will be recorded in capotal adjustment(other comprehensive income) and the gain or loss in ineffective hedge will be reported in current earnings. An en-tity will report in capital adjustment or in earnings the change in fair value of a derivative designated as a cash flow hedge to adjust the balance in capital adjustment so it equals the lesser of either 1) the cumulative gain or loss on the derivative or 2) the cumulative change in expected future cash flows on the hedged transaction. New rule is similar to FASB Statement No. 133 and International A ccounting Standards No.39. The differences between Korean rule and FASB No.133 are as followings; 1) While there are two kinds of hedging, fair value hedge and cash flow hedge, in the Korean rule, there are three hedges in No.133 such as fair value hedge, cash flow hedge, and foreign currency hedge. 2) While the gain or loss of hedged items in fair value hedge is directly reported in current earnings in Korea, the gain or loss is an adjustment to carrying value of the hedged item and reported in current earnings in No.133. 3) Foreign currency hedge is class

목차

1. 문제의 제기

2. 파생상품의 인식과 측정에 따른 문제점

3. 우리 나라와 외국의 파생증권 회계처리 원칙

4. 우리 나라 파생상품회계원칙의 평가

5. 결과

참고문헌

Abstract