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Accounting plays an important role in a social system as a social entity. Thus accounting entity should perform its accountability and provide accounting information for an economic decision related to business entity of its users. Especially, when we observe recent business environment, the demand of accounting information related to business income has increased greatly. But unfortunely traditional accounting information system has revealed many problems in accounting income determination, so accounting entity has failed to provide useful accounting information necessary for their economic decision related to business enterprise.
The problems are: (1) discordance between accounting concept and the concept of economic theory: (2) inconsistancy with the accounting treatment: (3)unappropriated matching of revenue and expense: (4)overstates the real profitability of an accounting entity, etc. As a result, the above problems have caused the failure of rational income determination, understandability of financial accounting reports, maintenance of capital and mislead users' economic decision making. This resulted in rejecting the cost of capital in accounting processes, mainly equity interest cost.
The cost of capital is an opportunity cost, and is incurred from borrowings, either contractual debts or equity capital. In traditional accounting practices, the actually used borrowongs have been partialy captured its cost in assets, however the cost of equity capital have never been reflected in accounting processes. therefore, traditional accounting treatments have permitted the difference of acquisition cost of assets and the contents of financial statements depending on the capital structure and its density. To avoid this problems, accounting information system should be able to accept "the cost of capital accounting". The cost of capital accounting requires the changes of accounting thoughts and practices.
In this paper, The recommended procedures of the cost of capital accounting are; (1)measuring the interest cost of using borrowings;. (2)measuring the weighted average capitalization rate of equity capital used fixed deposit interest rate.; (3)measuring the cost amounts of used equity capital; (4)establishing the accounts of "Capital Interest Cost" and "Surplus of
Equity Capital" (5)incurred interest cost of borrowings and amount of capitalization for equity capital are debited to "Capital Interest Cost" (6)Allocatung the amounts of calculated used capital cost to all assets, like inventories, tangible fixed assets, which are required considerable period for acquisition; (7)Unallocating capital cost is credited to "Capital Interest Cost" and matched to the revenue during the period as a selling, general and administrative expense.
By introducing capital cost accounting for accounting information system, income statement can disclose the net income as a profit consistent with economic concept, and also enable to dishinguish clearly profit earned as a result of management's efforts and the interest cost that investors should have earned in their role as creditors. More importantly, it would increase the comparability of the income reported by accounting entity with different capital structure and-its density.
In the changes of balance sheet of the capital cost accounting, balance sheet information gives more meaningful message to accounting information users. That is to say, balance sheet can report seperately the surplus of capital cost from retained earnings at the right hand of balance sheet. It would distinhuish the earnings of shareholder's efforts from the earnings of accounting entity.
Consequently, the cost of capital accounting could resolve the most of above traditional accounting problems. Therefore, the capitalization of interest cost would allow us to recognize certain economic realities that are not acknowledged in traditional accounting system. Thus, it would be better for our financial accounting standards should accept the cost of all capital, contractual debt and equity capital.
The problems are: (1) discordance between accounting concept and the concept of economic theory: (2) inconsistancy with the accounting treatment: (3)unappropriated matching of revenue and expense: (4)overstates the real profitability of an accounting entity, etc. As a result, the above problems have caused the failure of rational income determination, understandability of financial accounting reports, maintenance of capital and mislead users' economic decision making. This resulted in rejecting the cost of capital in accounting processes, mainly equity interest cost.
The cost of capital is an opportunity cost, and is incurred from borrowings, either contractual debts or equity capital. In traditional accounting practices, the actually used borrowongs have been partialy captured its cost in assets, however the cost of equity capital have never been reflected in accounting processes. therefore, traditional accounting treatments have permitted the difference of acquisition cost of assets and the contents of financial statements depending on the capital structure and its density. To avoid this problems, accounting information system should be able to accept "the cost of capital accounting". The cost of capital accounting requires the changes of accounting thoughts and practices.
In this paper, The recommended procedures of the cost of capital accounting are; (1)measuring the interest cost of using borrowings;. (2)measuring the weighted average capitalization rate of equity capital used fixed deposit interest rate.; (3)measuring the cost amounts of used equity capital; (4)establishing the accounts of "Capital Interest Cost" and "Surplus of
Equity Capital" (5)incurred interest cost of borrowings and amount of capitalization for equity capital are debited to "Capital Interest Cost" (6)Allocatung the amounts of calculated used capital cost to all assets, like inventories, tangible fixed assets, which are required considerable period for acquisition; (7)Unallocating capital cost is credited to "Capital Interest Cost" and matched to the revenue during the period as a selling, general and administrative expense.
By introducing capital cost accounting for accounting information system, income statement can disclose the net income as a profit consistent with economic concept, and also enable to dishinguish clearly profit earned as a result of management's efforts and the interest cost that investors should have earned in their role as creditors. More importantly, it would increase the comparability of the income reported by accounting entity with different capital structure and-its density.
In the changes of balance sheet of the capital cost accounting, balance sheet information gives more meaningful message to accounting information users. That is to say, balance sheet can report seperately the surplus of capital cost from retained earnings at the right hand of balance sheet. It would distinhuish the earnings of shareholder's efforts from the earnings of accounting entity.
Consequently, the cost of capital accounting could resolve the most of above traditional accounting problems. Therefore, the capitalization of interest cost would allow us to recognize certain economic realities that are not acknowledged in traditional accounting system. Thus, it would be better for our financial accounting standards should accept the cost of all capital, contractual debt and equity capital.
목차
Ⅰ. 序論
Ⅱ. 資本原價會計의 接近內容에 관한 歷史的인 槪觀
Ⅲ. 利益決定에 있어서 諸問題點 檢討
Ⅳ. 資本原價會計의 導入 方案
Ⅴ. 要約 및 結論
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