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최황택(Choi, Hoang Taig),김동환(Kim, Dong-Hwan) 한국중동학회 2014 韓國 中東 學會 論叢 Vol.34 No.4
The purpose of this study is to examine the accounting treatment of Sukuk which has grown rapidly and significantly in the global financial market, and promote issuance of Sukuk for domestic investors, companies and financial authorities. There is a conflict between two perspectives of accounting treatment regarding Sukuk. First, there is accounting treatment in the perspective of real trading. This theory handles the underlying asset trading of Sukuk as asset acquisition and disposal according to legal formalities, and thus the five key types of accounting treatment for Sukuk are as follows. In Murabaha Sukuk, the investor handles the trading profit margin of goods for future sale as trading profit while the business operator handles it as trading loss. In Ijara Sukuk, the investor handles the lease of fixed assets as profit lease while the business operator handles it as payment lease. In Salam Sukuk, the investor handles the sale difference of futures as profit while the business operator handles it as loss on valuation. In Mudarabah Sukuk, the investor undertakes accounting of the dividend of investment as dividend payable of investment profit while the business operator handles it as dividend income of investment profit. Finally, in Musharakah Sukuk, both the investor and business operator handle the dividend of joint project profit as dividend income of joint project profit. Second, there is accounting treatment in the perspective of bond trading. This theory sees the trading of underlying assets as an incidental trading to facilitate bond trading, trying to reflect the real trading rather than formality thereof on the accounting treatment. In the perspective of real trading, the business operator undertakes accounting of the trading profit and loss, lease, valuation profit and loss, investment project dividend and joint project profit dividend of the five Sukuks as interest paid, while the investor handles them as interest income. The difference between the two perspectives of accounting treatment is to undertake accounting depending on whether the trading of underlying asset in Sukuk trading must be considered as real trading or an incidental trading of bond trading. The two conflicting accounting treatments according to the two perspectives require a great deal of efforts and time in discussions on grounded theories and the political process of earnings management of stakeholders. This study is expected to be a good starting point for discussion on the improvement of the accounting system to facilitate the issuance of Sukuk in Korea, along with previous studies that argued legal and institutional improvements, development of Sukuk experts, and solutions for lack of Sukuk information.
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사베인즈-옥슬리 규정에 따른 내부회계관리제도 구축 사례
홍창목 ( Chang Mok Hong ),이태희 ( Tae Hee Lee ),최황택 ( Hoang Taig Choi ) 한국회계학회 2012 회계저널 Vol.21 No.2
신뢰할 수 있는 재무보고정보를 제공하기 위하여 기업 경영자, 규제기관, 외부감사인 등 많은 당사자들이 노력하고 있지만 그중에서도 재무보고정보를 생산하는 책임을 지닌 경영자가 가장 중요한 위치에 있을 것이다. 엔론, 월드컴 등 대형 회계부정사건들로 인하여 기업들이 어떻게 회계투명성을 손상시켰는지에 대한 이해는 깊어졌으나 이와는 반대로 회계투명성 제고를 위하여 많은 시간과 자원을 투입하며 노력하는 실제 기업의 모습은 지극히 당연한 것으로 여겨져 충분히 드러나지 못하는 듯하다. 본 논문에서는 기업투명성이 기업가치 창출의 근본이라고 굳게 믿는 최고경영진이 이끄는 한국의 대표적 기업이 상당한 시간과 자원을 투입하며 회계투명성 향상을 위하여 어떤 노력을 하였는지에 대한 경험을 사례형식으로 기술하였다. 이 사례는 2004년 7월 한국과 미국에 동시 상장한 엘지디스플레이가 SOX(the Sarbanes-Oxley Act) section 404 규정에 따른 내부회계관리제도를 2004년 8월부터 시작하여 2007년 2월에 성공적으로 구축하기까지의 과정을 담고 있다. 재무보고정보의 신뢰성을 향상시키려는 회계규제에 기업이 실제로 어떻게 대응하고 있는지는 물론, 경영자를 비롯한 조직구성원들, 규제기관, 외부감사인, 감사위원회를 비롯 한 지배구조, 그리고 외부컨설턴트들이 어떻게 상호작용하며 회계투명성을 향상시키고 있는지를 기술하였다. 사례는 엘지디스플레이의 컨트롤러로서 내부회계관리제도 구축과정을 실무적으로 이끈 저자 중의 한명의 실제 경험, 참여했던 외부컨설턴트, 외부감사인과의 인터뷰 및 회사의 내부자료를 이용하여 작성되었다. 사례회사는 내부회계관리제도 구축 기간 중 LCD 산업경기의 불황으로 큰 폭의 이익감소는 물론 2006년에는 막대한 적자를 경험하면서도 "기업가치는 실적과 투명성의 함수"라는 최고경영자의 신념에 따라 상당한 자원을 투입하여 내부회계관리제도를 구축하였다. 또한 사례를 통하여 조직구성원 전원의 참여와 통제의식의 함양이 높은 품질의 내부회계관리제도를 구축하는데 중요하며, 위험기준 감사방법론이 내부회계관리제도의 구축에 실무적으로 사용되고 있음도 관찰할 수 있었다. 본 사례는 재무제표정보 생산에 지대한 영향을 미치는 내부회계관리제도의 구축 과정을 다루고 있어 학생들에게 회계정보의 실제 생산과정에 대한 현장감 있는 교육기회를 제공할 수 있을 것으로 생각된다. 또한 내부회계관리제도를 새로이 구축하거나 강화하고자 하는 실무자들에게도 유용한 시사점을 제공해줄 것이다. SOX section 404는 외감법과는 달리 연결재무제표기준의 내부회계관리제도와 그에 대한 외부감사인의 감사의견을 요구하고 있다. 국제회계기준의 적용으로 연결재무제표를 기준으로 한 내부회계관리제도가 요구되고 있는 상황에서 이미 이를 구축한 사례회사의 경험은 시의적절한 도움을 줄 수 있을 것으로 보인다. Many interested parties, such as corporate managers, regulatory authorities, and independent auditors, have strived toward enhancing financial reporting quality. However, corporate managers take a central place in this endeavor because they are responsible for preparing and presenting financial statement information. We have come to understand how corporations have impaired accounting transparency due to major accounting scandals like Enron and WorldCom. On the other hand, there seem to be little reports describing real-world examples of firms investing considerable time and resources to improve their corporate transparency. In this case study, we report such an example where considerable resources were invested to enhance reliability of financial reporting led by an CEO who believed that firm value is determined by both bottom line and transparency. The case company, LG Display, went public at the same time in the US and Korea. This case contains the entire process from August 2004 to February 2007 during which LG Display went through establishing internal control over financial reporting("ICFR") under section 404 of the Sarbanes-Oxley Act. We described how the case company complied with regulatory requirements, and how entire workforce, CEO, outside consultants, independent auditors, corporate governance structure worked together to implement quality ICFR. The case was constructed based on actual experiences of one of the authors who, as the company`s controller, managed the entire project from the beginning. Also, the company`s internal documents and interviews with consultants and auditors were used for preparing the case. Despite the case company experienced severe decline in operating performance due to the depressed LCD industry, CEO strongly supported the project, saying that firm value depends upon accounting transparency. We have learned through the case that control consciousness embedded in corporate culture and continuing participation of every member of an organization were very critical to successful implementation of ICFR. Also, we had an opportunity to observe practical applications of risk-based audit methodology. Students would get an real-world experience of financial reporting information production process by studying this case. Practitioners, who have to establish a new ICFR or plan to upgrade their existing ICFR, would get valuable insights regarding how to build better quality ICFR. SOX section 404 demands consolidated standard ICFR and independent auditors` audit opinion(not review) on the effectiveness of ICFR. In light of K-IFRS being implemented in Korea, it becomes necessary to reestablish ICFR on the consolidated standard. The case company already experienced of implementing IFCR in compliance of SOX section 404, and therefore this case containing such experiences would be very helpful to many Korean companies.
KCI
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