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사업결합회계의 제도 및 연구동향 개관

eview of Accounting for Business Combinations－Institutional Evolution and Research Trend－

최종서
한국세무회계학회 (Kata(Korean Association Of Tax & Accounting))|2019.09|세무회계연구 (Tax Accounting Research)|제61호|pp. 115-150|DOI 10.35349/tar.2019..61.006

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참고문헌

키워드

영업권국제회계기준IFRSGoodwill사업결합Business Combination손상접근법Impairment－Only Approach

초록

본 연구에서는 사업결합회계에 관한 제도변화를 둘러싼 혼란과 논점을 살펴본다. 역사적으로 자본지출과 사업결합 사이의 선택, 기술의 발전, 결합대가의 지급수단, 주식시장의 가격변동, 사업결합에 의한 시너지 효과, 회계수치의 조정 등의 상황변화가 사업결합회계를 둘러싼 어려움을 증폭시켰음에 주의를 환기한다. 아울러 FASB와 IASB에 의해 2001년과 2004년에 손상접근법이 도입된 이후 전 세계적으로 수행된 실증연구의 결과를 개관한다. 본 연구에서는 기존연구를 네 가지 분야로 구분하였다. 첫째는 사업결합원가의 배분과 이에 수반하는 영업권의 최초인식에 대한 연구이다. 이에 의하면 기업은 매수원가의 상당한 비중을 영업권에 배분하는 경향이 있으며 이러한 배분행태는 경영자의 유인에 의한 영향을 받고 있음을 제시한다. 둘째는 영업권의 자산성 및 정보가치에 관한 연구이다. 기존 문헌에 의하면 투자자들은 영업권의 자산 속성을 인정하며 영업권의 가치관련성 및 미래성과에 대한 예측가치는 손상접근법이 도입된 이후 증가한 것으로 보고되고 있다. 세 번째의 분야는 영업권의 취득 이후기간의 측정에 대한 연구이다. 문헌에 의하면 손상접근법이 도입된 이후 영업권 관련비용은 대체로 감소하였으며 영업권 손상인식은 기업 및 경영자 수준의 유인과 상관관계가 있음을 제시한다. 또 경영자는 대체로 영업권 손상차손의 인식을 지연시키는 경향이 있는 것으로 보고된다. 마지막으로 사업결합회계와 이익조정의 관련성에 대한 연구이다. 실증연구에 의하면 영업권손상의 인식은 이익유연화 및 빅배스와 관련되며 부채계약, 경영자보상 및 경영자평판과 관련된 기업 및 경영자 수준의 유인과 관계가 있는 것으로 보고된다. IFRS가 채택된 이후 공정가치 회계는 많은 논쟁을 초래하였고 사업결합회계도 이 논쟁의 중심이슈의 하나로 부각되고 있다. 본 연구는 이러한 논쟁에 정책적 시사점을 제공할 수 있는 미래연구의 방향을 모색하는데 도움을 줄 것으로 기대된다.

Abstract

This paper examines the turmoils and tensions surrounding the institutional changes of business combinations accounting regimes. I draw particular attention to a number of historical developments, which may have intensified the challenges posed by the accounting regimes, including firms’ choice between capital expenditures and business combination, technology, means of payent for business combination, stock price movements, the synergies created by business combination, and creative accounting. It also provides a literature review on the research undertaken since the introduction of the impairment－only approach. In this review, extant literature is distinguished into four broad areas. The first comprises studies on purchase price allocation and initial goodwill recognition. Studies document that companies allocate large proportions of the acquisition cost to goodwill, influenced by managerial incentives. The second area relates to whether goodwill should be interpreted as an asset and conveys information value. Studies document that purchased goodwill has value relevance as well as predictive value for future operating performance. Some evidence suggests that the information value of goodwill has increased after the introduction of impairment－only approach. The third area relates to the subsequent measurement of goodwill. The studies find that goodwill charges decrease after the impairment－only approach is introduced. Studies on determinants of goodwill impairments find that impairments tend to be associated with proxies for the deterioration of the economic value of goodwill as well as with firm－level and managerial incentives. Several studies conclude that managers use the discretion inherent in goodwill accounting rules to delay necessary impairment losses. The last area summarizes the evidence on the influence of earnings management on goodwill accounting. Some studies indicate that impairments are associated with smoothing, big bath accounting as well as managerial and firm－level incentives. This review paper contributes to the literature by providing insights into future research directions.

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