브랜드를 비롯한 고객관계, 특허 등의 산업재산권, 영업비밀, 데이터, 노하우 등의 무형자산은 빅테크 기업과 4차 산업혁명 시대를 맞이한 대부분의 기업에서 기업가치 창출의 핵심적인 동력으로 부상하고 있다. 상표를 포함하는 광의의 브랜드는 상품이나 서비스에 함유된 본질과 가치와 속성 등을 함축하기 위해 사용하는 독특한 디자인, 상징, 명칭 등의 결합체라고 정의되며, 타 상품 및 서비스와의 구별, 출처의 표시, 품질 보증 등의 본원적 기능과 함께 고객의 인지도와 충성도 제고 등의 마케팅 기능을 갖는다. 본 연구에서는 그룹 브랜드를 소유하는 지주회사가 브랜드 사용 계열사와 브랜드 라이선스 계약을 체결하고 브랜드 사용료를 수취하기 위해 브랜드 자산의 가치와 사용료율을 평가하는 과정을 살펴본다. 브랜드 자산의 평가를 위해 우선 브랜드의 개념을 상표법상의 등록상표등의 규정과 비교하여 살펴보고, 무형자산의 정의와 인식 기준을 한국채택국제회계기준(K-IFRS) 제1038호의 관련 규정을 통해 검토한다. 이후 K-IFRS 제1113호에 규정된 공정가치의 정의와 측정방법을 살펴본다. 가치평가기법을 적용한 공정가치 측정을 원가방식(원가접근법), 비교방식(시장접근법), 수익방식(이익접근법)을 통해 살펴보고 수익방식의 일종인 초과이윤추정법에 의해 브랜드 자산의 가치를 평가한다. 초과이윤추정법은 업종의 통상이익을 초과하는 이익을 무형자산이 창출하는 것으로 보고 기업 전체의 무형자산의 가치를 추정하는 방법이다. 기업 전체의 무형자산의 가치 중 브랜드 자산의 기여분을 추정하여 브랜드 자산의 가치를 평가한다. 공정가치 측정을 위해 복수의 가치평가기법을 사용하는 경우에는 사용한 가치평가기법 외에 다른 방식의 평가결과를 반영하여 합리성을 검토하도록 하고 있으므로, 비교방식에 의한 브랜드 사용료율을 산정한 후 초과이윤추정법과 비교한다. 지주회사 체제로 기업지배구조를 개편하는 대기업 집단이 증가하면서 지주회사의 주 수익원인 브랜드 자산의 가치평가에 대한 관심이 증대되고 있다, 브랜드 등의 무형자산에 대한 관심이 증대되는 상황에서, 본 사례연구는 기존의 브랜드 자산의 가치평가기법으로 주로 사용되던 로열티 면제법과 다기간초과이익법 외에 초과이윤추정법에 의한 가치평가기법의 추정 사례를 제시했다는 점에서 무형자산 평가 및 재무제표 작성 관련 실무자와 경영자, 학계, 관련 기관 등에 시사점을 제공할 것으로 기대한다.

Intangible assets such as brand, customer relationships, industrial property rights such as patents, trade secrets, data, and know-how have become a key driver for the creation of corporate value in most companies in the era of the 4th Industrial Revolution. A brand in a broad sense including a trademark is defined as a unique combination of design, symbols, names, etc. used to imply the nature, values and attributes contained in a product or service, and has marketing functions such as distinguishing from other products and services, indicating sources, quality assurance, etc. This study examines the process in which a holding company that owns a corporate group brand evaluates the value of brand assets and the royalty rate in order to sign a brand license agreement with a brand-using affiliate and receive brand royalties. For the evaluation of brand assets, the concept of a brand is compared with the provisions of registered trademarks under the Trademark Act, and the definition and recognition standards of intangible assets are reviewed through the relevant provisions of Korea International Financial Reporting Standards (K-IFRS) No. 1038. According to the provisions of K-IFRS No. 1038, in order to be recognized as an asset in accounting, identifiability, control of resources, existence of future economic benefits and reliability of measurement must be satisfied. For an intangible asset to be identifiable, the asset must be separable or the asset must arise from a contractual or other legal right. In addition, the power to obtain the future economic benefits flowing from the underlying resource and to restrict the access of others to those benefits must be secured. Intangible assets can be measured at fair value. In K-IFRS No. 1113, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In principle, fair value measurement is based on the price in an active market. However, if there is no quoted price in an active market, fair value is measured using a valuation technique such as a income approach or a market approach. In the valuation of intangible assets that are difficult to find quoted prices in an active market, such as brand assets, the fair value measurement standard of K-IFRS No. 1113 must be strictly complied with to enhance objectivity. The fair value measurement using the valuation technique is evaluated through the cost method (cost approach), comparison method (market approach), and income method (income approach), and the value of brand assets is evaluated by the excess profit estimation method, which is a type of income method. The excess profit estimation method is a method of estimating the value of intangible assets as a whole, assuming that intangible assets generate profits that exceed the normal profits of the industry. The value of brand assets is estimated by estimating the contribution of brand assets among the values ​​of the entire company's intangible assets. Corporate brands such as this case have the nature of collective assets. Therefore, it is reasonable to estimate the value of intangible assets of the entire company and to estimate the value of brand assets among intangible assets. The value of the intangible assets of an entire company can be defined as the present value of profits that exceed the normal profits generated by other similar companies in the similar size and same industry. Therefore, the excess profit estimation method is applied as the valuation technique in this case in that it estimates the value of the entire company's intangible assets to meet the definition of intangible assets. The valuation technique based on the excess profit estimation method applied in this case is a method of estimating fair value using unobservable inputs (level 3 inputs) in the fair value hierarchy. Assuming the highest and best use (use of an asset that is physically possible, legally permissible, and financially feasible) based on the assumptions market participants will use when pricing the asset or liability, the fair value is estimated by the income approach and the market approach, which are suitable for the evaluation of the target corporate brand. The present value techniques to be used in the income approach applies the expected present value method 2 of K-IFRS No. 1113, which uses a discount rate adjusted to include the risk premium that market participants require and the expected cash flows that are not risk-adjusted. When multiple valuation technique is used to measure fair value, the reasonableness is reviewed by reflecting the evaluation results of other methods than the valuation technique used. As the number of large conglomerates reorganizing corporate governance into a holding company system increases, interest in the valuation of brand assets, the main source of revenue for holding companies, is increasing. The study is expected to provide implications for practitioners, managers, academia, and regulatory bodies related to intangible asset evaluation and financial statement preparation in that it presents an estimation case of the relatively new valuation technique based on the excess profit estimation method.

brand, excess profit estimation method, intangible assets, fair value, valuation technique.