法人稅期間配分에 관한 實證的 硏究

Abstract

I.Introduction The objective of financial accounting is to provide users of financial statements with useful information that will help them make many economic decisions. To fulfill such objective, accounting information should be settled by the generally accepted accounting principle. However the objective of tax accounting is to maintain the equity of tax charge. While many industrialized countries use interperiod income tax allocation-a system of accounting whereby the tax effects of temporary differences are reflected in the financial statements as a means of reconciling the differences between financial and taxable income that will later offset, the generally accepted accounting principle in Korea had not permitted such as accounting method until a recent amendment of Korean financial accounting standards. That is, the traditional accounting of tax expenses in Korea had ignored the concept of matching costs with revenues. Consequently, the profit information offered by companies seems to be less useful. The study of interperiod income tax allocation in previous literature has confirmed the necessity of the accounting for income tax allocation because of the limitations of the traditional financial statements. The purpose of this thesis is to analyze the effect of differences between taxable income and accounting income before income taxes in accordance with firm size, and to introduce the accounting for income tax allocation in order to enhance the usefulness of the accounting information. The thesis consists of researching the related accounting literatures and tax law concerning income tax allocation, and also analyzing empirical cases of last audit reports and tax reports of 30 sample companies. II. Theoretical Background Under several Opnions of the Accounting Principle Board, companies that have temporary differences are required to include the tax effects of the items in income tax expense in the same period in which the item affect pretax accounting income. This procedure is called interperiod tax allocation. In the United States the corporate income tax allocation system was implemented by APB Opinion No.11(1967) and revised by FASB statement NO.96 (1987). The two important problems in income tax allocation theory are the methods of allocation and the treatment of the loss carryback or loss carryforward. Without income tax allocation, income presentation in the income statement gives an unrealistic view of the company' s activities, and is misleading information users. The income tax effects of temporary differences are included in the income tax expense in the income statement and in the deferred income tax balances in the balance sheet. Income tax effect accounting methods are used in a number of countries in accounting or taxes on income. Those in common use are described as the deferred method, the liability method and the net of tax method. Income tax allocation theory is concerned with reason of the differences between financial accounting and tax accounting. The purposes, principles, procedures of measuring taxable income and income before income taxes are not the same and the differences are probably inevitable. There are two types of differences for the purpose of accounting recognition : temporary differences & permanant differences. Information on the nature and amount of these temporary differences is often considered to be useful to the users of financial statements. However the method of reflecting the effect of temporary differences are different. Sometimes the information is included in notes to the financial ststements. In other cases, the effect of these differences is reflected by the application of the tax effect accounting methods. III. Research Methods In this paper paired comparision t-test is selected to test the differential effect of interperiod tax allocation in accordance with 2 firm size(small & medium companies and large companies) The analysis period is 1995 tax year and selected each 30 companies in Korea to research the differential effect of the accounting information adapted income tax allocation theory. IV. Research Results I selected 30 companies for each of two different 2 firm sizes(small & medium companies and large companies in Korea) to research the differential effect of the accounting information adapted income tax allocation theory. This study is to verify the fact that the differential effect in accordance with firm size of the accounting information adapted interperiod tax allocation theory comes out through analyzing some empirical data. The empirical analysis was made with the audit and tax data collected from the companies. As the result of the case study, I acknowledged that differential effect exist in accordance with firm size. I measured the criminent effects in accordance with firm size on net profit, earning per share, an effective corporate income tax rates of the information adapted income tax allocation theory. V. Conclusion It is shown that the differential effect of interperiod tax allocation in accordance with firm sizes. Therefore I suggest that the target companies of interperiod tax allocation should be small & medium companies in the case of deferred tax debit account and large companies in the case of deferred tax credit account. The financial statements lacked of tax allocation would is to omit on important accounting information. As a result, the interest group might make wrong economic decisions. Financial reports should include reconciliation of accounting income and taxable income. In conclusion, I think that business accounting should be separated from tax accounting, the standards of interpreting income tax law should be made, a recognition and study on income tax allocation accounting should be increased.