종합부동산 회사 간접투자손익의 영업손익 전환 사례

부동산회사의 리츠·펀드 간접투자 손익 분류 사례를 분석한다.

A real estate company not only directly undertakes development projects related to real estate but also engages in indirect investments by acquiring shares in REITs or real estate funds. While indirect investment offers advantages in financing and risk management, the gains and losses from such investments were classified as non-operating income unless made by a financial institution. To maximize the benefits of indirect investments, Company A expanded its organizational structure and pursued the reclassification of gains and losses from indirect investments as operating income.

A comprehensive review of Company A's business objectives, processes, and organizational structure revealed that indirect investments are simply one method of investing in real estate and that the critical tasks performed during the investment process do not significantly differ from those in direct investments. By transitioning gains and losses from indirect investments into operating income, Company A addressed the issue of classifying these gains and losses as non-operating income due to the lack of practical precedents, despite their substantive operational nature being akin to direct investments.

The recently established IFRS 18 also stipulates that if a company's primary operations include investing in assets, the gains and losses arising from such activities fall within the operating category. However, gains and losses from investments in joint ventures and associates are classified under the investment category. Therefore, it will be necessary to separately present the operating-related portions of these gains and losses in the income statement and to display a subtotal combining these with operating income.