금융비용 자본화에 대한 주석공시의 유용성에 관한 연구

다국어 초록 (Multilingual Abstract)

Before the KAS No. 7 was issued on December 17, 2001, the interest costs associated with acquisition of inventory, investment, tangible and nontangible assets had been capitalized. In principle the KAS No. 7 treats the interest costs as expenses, but allows alternative treatment of the capitalization. Namely, firms may choose either the capitalization method or the expended method. The KAS No. 7 aligns with the IAS No. 23 and the SFAS No. 34 which allow both methods of capitalizing and expending.The major issues involved are the possibility of excessive capitalization or expenditure under the each treatment, and diverse recognition of acquisition costs depending on the financing methods. However, the accounting standard requires firms to disclose the differential amounts between two alternatives, to enhance the comparability of financial statements adopting different accounting treatments. The footnote disclosure includes the types of assets capitalized and the effects to the income under alternate expended approach. The omission of these footnote items may mislead the users of financial statements, if the information omitted is material. The materiality is the fundamental attributes of accounting information as a basis of judging the materially important amount which has an influence on users’decision making. In this regard, this study examines whether or not the footnote disclosure influences to investors.If the amount difference between two alternative methods is material, then the footnote disclosure may have effects on users’decision making with regard to the firm valuation or investment. But the amount difference is not material, then the disclosure may have no effects on users’decision making process. To investigate the effects of the footnote disclosure, this paper uses the materiality basis imposed by the Korean Financial Supervisory Service.The main purpose of financial statements is to provide useful information to the participants in the capital markets, as described in the conceptual framework of financial accounting. Therefore, if the differential amount disclosed in the footnote has influences on the firm value or the stock return, the footnote disclosure is a material information. This study investigates whether the footnote disclosure is material, by testing the explanatory power in the traditional return-earnings model and excess-earnings model. Firstly, this study examines which accounting treatment better explains the stock return in the traditional return-earnings model. Secondly, this study examines which accounting treatment better explains firm’s value in excess-earnings model. Thirdly, this study examines whether the capitalized amount has value-relevance.The result shows that the footnote disclosure under the capitalization method has no significant difference of the explanatory power(R2) with regard to firm’s return and value. Namely, the changes of financial statements’figures such as earnings and assets under alternative accounting methods have no effects on the capital markets. Specifically, contrary to the expectation, the footnote disclosure notifying the accounting differences has no effect on the investment decisions. However, the result implies that the mandatory disclosure of the effect of alternative method may not be necessary, guaranteeing further examination and discussion of the possibility of eliminating the mandatory disclosure requirements of KAS No. 7.

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