한국채택국제회계기준하의 유형자산 재평가 실태분석

Abstract

Analysis of the Revaluation on Property, Plant, and Equipment under Korean IFRS

Kim, Noghyeon

Department of Tax Administration Graduate School of Business Administration Pukong National University

Abstract

The objective of this paper is to analyze and identify the motivations of voluntary asset revaluation for 130 revaluation-firms (on average 20% of total) adopting K-IFRS among Korean stock market listed firms (634 firms) year-ended December 31 during 2008. The followings are the results of the analyses: Firstly, compared to the average of 20% revaluation rate, manufacturing firms (23%) are more likely to take asset revaluation than non-manufacturing firms (15%). By segmenting industry, the revaluation rate of firms in steel, machinery, and construction industries, is more than 30% compared to other industries. Secondly, to revalue their property, plant, and equipment (PPE), 118 firms, among 130 firms, hired independent appraising firms whereas only 12 firms revaluated their PPE by themselves based on the posted price of the individual land. Thirdly, all of 130 firms revaluated their land while only 29 firms revalued other PPEs with their land. Lastly, revaluation-firms in 2008 are, on average, more likely to have higher debt-equity ratio and more distressed in terms of financial structure than other firms regardless of asset size. The implication of these results may result from the effect that the new value of the assets revaluated in 2008 will be the new appraisal cost when the revaluation firms will adopt K-IFRS from 2011.