지배회사와 연결대상 종속회사의 회계정책 일치화 실태조사

Abstract

Consolidated financial statements is reported based on the individual financial statements of parent company and the subsidiary company. In preparing for the consolidated financial statements, if there's the asymmetrical point of view on the same matter in terms of parent and subsidiary company's accounting policy, the final consolidated financial statements will be no more than simple addition of the both financial statements. In sum, if the parent and subsidiary have different accounting policy, it will not have a significant meaning if we connect both financial statements, and the consolidated financial statements will have low informativeness. The purpose of this paper is to explore the reality of the accounting policy of the companies - both parent and subsidiary, and confirm the process that unify the accounting policy in reporting the consolidated financial statements. Accounting standard stipulates that consolidated financial statements should be reported after it adjusts the accounting policy or accounting estimates of the subsidiaries to those of the parents company. However, it turns out that many companies do not follow this standard. It is said that by the adoption of the consolidated financial statements as our major financial statements our accounting practices become those of the advanced countries. However, it should be the implementation which is more important than the adoption of the advanced system. Institution and systems should be improved side by side with operationalization, however, we are more concerned with implementing it rather than the institutionalized system. Based on the survey and contemplated research, the result reports many occasions where accounting methods are not adjusted between parents and subsidiary companies. However, two thirds of the respondents replied that they make an appropriate adjustment. However, occasions such as not meeting the required standard, unable to determine the accumulated effect, occurs quite often. Also, the auditors and accounting practitioner share the need to focus on the current system where it is very hard for the parent and subsidiary company to modify the accounting policy. Therefore, they feel that in order to prepare for the consolidated financial statements, it is imperative to have systematic modification to add the flexibility to the accounting policy. When consolidated financial statements become the main financial statements, both the company and the auditor bear the responsibility. The subsidiary's financial statements which the auditor did not audit, need to be attested by the auditor under the assumption that subsidiary's accounting policy is the most appropriate one. Therefore, the auditor who contracts with the parent company, usually takes over the auditor position of the subsidiary company upon the termination of the contract of subsidiary auditor. As a result, in 2011, when the fortification of the consolidated financial statements as the standard financial statement is strictly implemented, the auditor of the subsidiary and the parent are most likely to hire the same auditor. The changes represent the importance of the auditor in terms of reporting the consolidated financial statements. Additionally, the implementability of the new system is greatly influenced by the auditors of the companies. The auditors need to be extra cautious when practicing in order to raise the credibility of the new system.