이연법인세자산의 평가충당금과 인식률

초록

According to Statements of Korea Accounting Standards No. 16：Accounting for Income Taxes,if the realizability of deductible temporary differences, tax loss carryforward and tax credit carryforward which are the components of deferred tax asset (hereinafter, deductible temporary differences, etc.) is uncertain, we cannot recognize deferred tax asset in balance sheet. Unrecognized deferred tax asset(hereinafter, valuation allowance) pertains to the valuation allowance of deferred tax asset in SFAS No. 109 in the U.S., but it is not marked according to the current Korea Accounting Standards in which net amount is marked after offsetting deferred tax asset and debt. The valuation allowance of deferred tax asset is the result of realizability of deductible temporary differences etc. and it is an important criterion for evaluating CEO's discretion. This study aims at providing fundamental information for the study of realizability of deferred tax asset through suggesting the amount and ratio of valuation allowance for deferred tax asset. In this study, we select as sample manufacturing firms of KOSPI with closing in December from 1999 to 2008, and we use tax adjustment items extracted from net deferred tax data in the balance sheet, footnotes in the audit report. We measure the amount of valuation allowance by subtracting the total deferred tax asset which is recognized in the balance sheet from total of deferred tax asset able to be appropriated in the balance sheet without considering realizability. We also measured the ratio of valuation allowance with ratio of two amounts. This study shows that the amount of valuation allowance is 1,986 million won and the ratio of valuation allowance is 93%. This result means that 1,986 million won is not recognized as deferred tax asset since to realize 7% of deductible temporary differences, etc. is uncertain. We also verify the determinants of tax asset realizability through analyzing the relevance between the ratio of valuation allowance and firm characteristics. The result from additional analysis shows as expected that the higher the future taxable income the higher the realizability of deferred tax asset. And the higher the ratio of tax loss or credit carryforward the realizability of deferred tax asset. We also find that financial distress, ownership may affect the realizability of deferred tax asset. This study contributes to extant research in that it provides the estimation method and estimates for the amount and ratio of valuation allowance for deferred tax asset as basic study on valuation allowance and earnings management. It also could be called a developed study from the perspective that it improves the estimation method in previous studies including reversal possibility of deferred tax liability in calculating the amount and ratio of valuation allowance for deferred tax asset.

키워드