관점별 수쿠크 회계 처리에 관한 연구

A study on Sukuk accounting treatments by different view

The purpose of this study is to examine the accounting treatment of Sukuk which has grown rapidly and significantly in the global financial market, and promote issuance of Sukuk for domestic investors, companies and financial authorities. There is a conflict between two perspectives of accounting treatment regarding Sukuk. First, there is accounting treatment in the perspective of real trading. This theory handles the underlying asset trading of Sukuk as asset acquisition and disposal according to legal formalities, and thus the five key types of accounting treatment for Sukuk are as follows. In Murabaha Sukuk, the investor handles the trading profit margin of goods for future sale as trading profit while the business operator handles it as trading loss. In Ijara Sukuk, the investor handles the lease of fixed assets as profit lease while the business operator handles it as payment lease. In Salam Sukuk, the investor handles the sale difference of futures as profit while the business operator handles it as loss on valuation. In Mudarabah Sukuk, the investor undertakes accounting of the dividend of investment as dividend payable of investment profit while the business operator handles it as dividend income of investment profit. Finally, in Musharakah Sukuk, both the investor and business operator handle the dividend of joint project profit as dividend income of joint project profit. Second, there is accounting treatment in the perspective of bond trading. This theory sees the trading of underlying assets as an incidental trading to facilitate bond trading, trying to reflect the real trading rather than formality thereof on the accounting treatment. In the perspective of real trading, the business operator undertakes accounting of the trading profit and loss, lease, valuation profit and loss, investment project dividend and joint project profit dividend of the five Sukuks as interest paid, while the investor handles them as interest income. The difference between the two perspectives of accounting treatment is to undertake accounting depending on whether the trading of underlying asset in Sukuk trading must be considered as real trading or an incidental trading of bond trading. The two conflicting accounting treatments according to the two perspectives require a great deal of efforts and time in discussions on grounded theories and the political process of earnings management of stakeholders. This study is expected to be a good starting point for discussion on the improvement of the accounting system to facilitate the issuance of Sukuk in Korea, along with previous studies that argued legal and institutional improvements, development of Sukuk experts, and solutions for lack of Sukuk information.