Selection as a new author for excellent research paper in accounting field by Korean Accounting Association

Reveal of the importance of financial statement ‘other’ accounts was revealed for the first time

[September 26, 2023]

Dr. WOO Hye-jin (36, research faculty at YU Business Research Institute) from Department of Accounting and Taxation of YU (President CHOI Oe-chool) won 2023 Accounting Dissertation Award of Korean Accounting Association.

<From the left, Dr. WOO Hye-jin and Professor HONG Young-eun>

The Korean Accounting Association is the most authoritative academic organization in the accounting field. It was established in 1973 for the purpose of developing Korean accounting research and education and sound research activities in accounting. It selects excellent theses and gives thesis awards every year to promote accounting research by new researchers.

Dr. WOO Hye-jin’s thesis <Why should information users be interested in 'other' account subjects after the introduction of K-IFRS?> is the first study to show that the ambiguity and abstractness of the classification standards contained in “other” account subjects is used strategically by managers as management's discretion in presenting financial statements has expanded, because Korea International Financial Reporting Standards (hereinafter referred to as K-IFRS) established by Korea Accounting Standards Board in 2007 to meet International Financial Reporting Standards (IFRS) have been mandatory for all listed companies since 2011.

Currently, financial statement account items that are displayed in different ways for each company are provided in a uniform manner in the existing database system.In this study, the reliability and accuracy of the data was increased by collecting “other” account subject data used differently by individual companies using web crawling rather than using account subject classification in a standardized database system.In addition, after the introduction of K-IFRS, which is an important standard for calculating accounting information, it is significant to clarify that information users should be careful when making decisions using accounting information that includes “other” items.

Dr. WOO Hye-jin said, “I would like to thank my advisor and the professors of the Department of Accounting and Taxation who taught me a lot during the research process. In connection with this doctoral thesis, I was selected for the National Research Foundation of Korea’s Humanities and Social Sciences Academic Research Professor Support Project and am currently working on “Other Account Subjects.” We will also faithfully pursue research related to ‘information usefulness.”

Professor HONG Young-eun of YU Department of Accounting and Taxation, the advisor, said, “After the introduction of K-IFRS, the research results that contributed to increasing the reliability and accuracy of accounting information seems to have been recognized by the academic community. We are making more efforts to produce excellent talents in the field of accounting.”