제약․바이오 기업의 개발비 가치관련성 : 금융위원회의 회계감독지침의 영향을 중심으로

Abstract

[Purpose]The pharmaceutical and bio industry has the characteristics of a high value－added industry that is a technology－intensive R&D investment type, so the proportion of R&D expenditure is high. In the case of domestic pharmaceutical and bio companies, discretionary capitalization of development cost has been a critical issue since they mainly produced generic drugs for a long period of time, and accounting practices were formed in that way. Accordingly, in September 2008, the Financial Services Commission announced the ‘Supervisory guidelines for the accounting of R&D expenses for pharmaceutical and bio companies’ to protect investors. This study examines the effect of the Financial Services Commission’s accounting supervision guidelines(hereafter, supervision guidelines) on the value relevance of development costs of pharmaceutical and bio companies. [Methodology]Using a sample of listed firms that reported development during the 2015－2020 period, this study analyzes the value relevance of development costs before and after the announcement of supervision guidelines, and the effect of compliance of notes disclosure on the value relevance of development costs after the announcement of supervision guidelines. [Findings]This study finds that the value relevance of development costs increases after the announcement of the supervision guidelines and the value relevance of development costs is higher in the case of firms with compliance with the disclosure requirements. The results indicate that prior to the announcement of the supervision guidelines, uncertainty due to the discretionary recognition of development costs by pharmaceutical and bio companies was inherent in the development costs, but after the announcement of the supervision guidelines, the reliability of development costs has been increased. In addition, compliance with the disclosure requirements increases the usefulness of the information. [Implications]This study contributes to the literature in the following ways. First, this study investigates not only the effect of the announcement of supervision guidelines but also the compliance with the disclosure requirements. Second, this study has practical implications for both supervisory bodies and accounting standard setters by suggesting that supervisory guidelines are effective in applying the IFRS.