earticle

영어

As a result of conversion to the Korean International Financial Reporting Standards (K-IFRS), all companies listed on the Korea Exchange are required to assess defined benefit obligations based on actuarial assumptions such as rate of salary increase and discount rate in their financial statements beginning in 2011. Most listed companies apply defined benefit obligation values measured by pension providers. Auditors also use valuation reports provided by pension providers as evidence for their analysis. Thus, information provided by pension providers is treated in an important way. Companies make key actuarial assumptions such as rate of salary increase, discount rate, and expected rate of return. Based on these assumptions, the defined benefit obligation estimate, related costs, and return on plan assets are calculated. The retirement benefit obligation measured under the K-IFRS (going concern approach) is expected to be higher than the obligation as measured by the traditional method (non-going concern approach), indicating a possible rise in liability ratio and pension expenses over the coming years. The higher the growth rate of the amount estimated on a non-going concern basis, the higher the effect of changes on actuarial assumptions. This can give firms an incentive to make discretionary decisions on certain actuarial assumptions. This paper thus analyzes the decisive factors of retirement benefit obligation estimated by the projected unit credit (PUC) method under the K-IFRS 1019 for Employee Benefits and examines changes in variables through time series data. The sensitivity analysis of actuarial variables finds that salary increase rates excel over discount rates in the sensitivity with little difference. The further analysis based on time series data shows that discount rates are not considerably off compared to pre estimated rates by linear interpolation equation. Logit analysis shows significant association between salary increase rates and the rate of (going concern approach)/(non-going concern approach) but expected rate of return does not find any discretionary choice factors.

한국어

본 연구는 K-IFRS ‘기업회계기준서 제1019호 종업원급여’에 의해 PUC 방법으로 평가한 퇴직급여채무액의 산출과정에서 가장 큰 영향을 미치는 보험수리적 가정들의 재량적인 변동가능성 여부와 그 동기에 대하여 분석하였다. 이를 위하여 2009년부터 2011년에 걸친 시계열 자료를 이용하여 할인율의 경우 벤치마크 대비 이격도를 살펴보았고 임금상승률과 기대수익률은 재량적 결정 요인에 대한 분석을 실시하였다. 분석 결과 보험수리적 가정의 민감도 분석에서는 임금상승률과 할인율의 순으로 민감도 크기를 나타냈으나 그 차이는 크지 않았다. 또한 보험수리적 가정의 재량적 선택에 관한 분석에서 회사채 이자율에 대한 직선보간법 산출수치와 할인율 간의 이격도는 낮은 수준이었다. 임금상승률과 사외적립자산의 기대수익률의 재량적 선택 요인을 분석하기 위한 회귀분석에서도 의사결정에 유의하게 영향을 미치는 변수를 찾아내지 못했다.