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Abstract

Abstract

The Effect of Adoption of K-IFRS on the Evaluation of Intangible Assets in the Corporate Taxation

By Seong Kyung-Seon Advisor : Prof. Kim Ki-Pyung, Ph.D. Department of Accounting, Graduate School of Chosun University

This study focuses on the analysis of differences arising in intangible asset valuation between existing accounting standards and IFRS in business combinations, its implications, and problems from applying it in practice. Furthermore, we analyze the influence on the volatility of income in recognition and subsequent valuation in order to provide policy makers and information users informative guidelines regarding these matters. Intangible assets are rights and privileges that are long-lived, are not held for resale, have no physical substance, and usually provide their owner with competitive advanages over other firms. The importance of intangible assets can be illustrated by considering many corporation case. As with many accounting issues, accounting for intangibles involves a trade-off between relevance and reliability. Information concerning intangible assets is relevant, but to meet the standard for recognition in the financial statements, the recorded amount for the intangible must also be reliable. The trends on intangible assets research are summarized as follows: Firstly, intangible assets management research puts through individual knowledge to organizational knowledge. And intangible assets research fulfills intangible assets management from use views of information thechnology. Secondly, research on the measurement and disclosure of intangible assets has been conducted more actively in Korea than overseas. Especially, Korea Accounting Institute published research report, the objective of this project is to come up with a desirable method to measure and by subsequently developing a framwork to formulate a reasonable and systematic disclosure policy for intangible assets. Many companies attempt to measure the worth of their patents and brands, even if such numbers are rarely publicized. However, intangible assets due to its uniqueness, often has no comparable transaction in most cases, it is practically difficult to calculate the transfer price for intangible assets using the traditional method of arm's length calculation which assumes the existence of a comparable transaction Thus, the particular characteristics of intangible assets are not taken into consideration at all. In this regard, it is unreasonable to apply the method for calculating the transfer price for tangible assets to intangible assets. As such, a transfer pricing system for intangible assets should be legislated.