국제기준에 부합하는 국가재무제표 개편 대안을 찾아

Searching for ways to improve national financial statements that meets international standard: From Government Finance Statistics perspective

(Purpose) When accrual basis accounting was first being adopted, scholars raised the question about the usefulness of financial information from accrual basis accounting. This question is still being raised in the countries that proactively adopted the system. This question lingers around even in countries like the UK, Australia, and New Zealand which adopted accrual basis to not just accounting but also in budgeting as well. Meanwhile, the debates on the usefulness of accrual basis accounting have continued in numerous international seminars. However, most of the arguments have been normative in nature and no definitive answers have been provided on this issue. This study is an attempt to provide that very answer. (Design) This study compares national financial statement for each country complied based on IFRS and examine its compliance with GFS standard and usefulness. To do so, this research adopts a hypothesis that financial statements based on accrual basis accounting provide a better explanation of a government’s fiscal activity. To prove this, the research investigates the difference in the national financial statement between South Korea and other counties and the extent to which they comply with the GFS standard. Policy implications are then drawn. (Research implications) Almost all country’s financial statement seems to be more compliant with the GFS standard than South Korea. For instance, the GFS standard’s balance sheets differentiate financial assets, non-financial assets, and debt, and financial assets and debt are further divided into domestic and external categories. This allows GFS standard balance sheets to serve a useful role in data and evidence-based policymaking. As such, a national financial statements that meets the international standard can be a basis for efficient financial management and increases the feasibility of international comparison. This also suggests that those who are drafting financial statements should not consider this as a routine exercise, but rather presume actual application in their mind. There is an urgent need to reform the financial statement that meets the GFS standard. This will be the new arena for intellectual debate on the usefulness of accrual basis accounting.