Korea

Financial Reporting Framework in Korea

Korean IFRS Equivalents

The Korean Accounting Standards Board (KASB) has adopted IFRSs as Korean IFRSs (K-IFRSs). K-IFRS are completely identical to IASB IFRSs except for timing differences for newly published IFRS. K-IFRSs are kept up to date as IFRSs change.

K-IFRS are required for all listed companies in Korea since 2011. Unlisted financial institutions and state-owned companies are also required to apply K-IFRSs; other unlisted companies may elect to do so.

Korean Accounting Standards for Non-public Entities

The KASB has developed Korean Accounting Standards for Non-Public Entities based on existing Korean GAAP with some modifications. The Korean Accounting Standards for Non-Public Entities were published in 2009. KASB expects to converge its standards for non-public entities with the IFRS for SMEs 'in the long term'.

Unlisted companies (with the exception of financial institutions and state-owned companies) have the choice between full IFRSs andthe Korean Accounting Standards for Non-Public Entities.

IASPlus in Korean

The IFRS Services Group of Deloitte Anjin LLC, the Deloitte member firm in Korea, maintains a Korean language IFRS website: www.iasplus.co.kr. The website includes selected news stories and other information from www.iasplus.com, as well as local news, in Korean.

Related news

  • Private sector task force final report to G20

  • Oct 07, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published a final report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • Emerging Economies Group established

  • Aug 02, 2011

  • On 26 July 2011, the Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) was established in Beijing. EEG founding members are all emerging economies from the G20 and Malaysia.

  • Private sector task force interim report to G-20

  • Jul 19, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published an interim report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G-20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • More than 70 jurisdictions apply ISAs

  • Jul 11, 2011

  • On June 30 2011, Prof. Arnold Schilder, the Chairman of the IAASB, delivered a speech on global progress in the use of the Clarified International Standards on Auditing (ISAs) at the 2011 annual conference on Accounting and Accountability for Regional Economic Growth in Latin America and the Caribbean (referred to as CReCER after its Spanish/Portuguese acronym).

  • A Driving Wind for IFRS from Asia-Oceania

  • Jun 08, 2011

  • The Asian-Oceanian Standard-Setters Group (AOSSG) has published today "A Vision Paper of the Asian-Oceanian Standard-Setters Group 2011 — A Driving Wind for IFRS from Asia-Oceania".

  • G20 finance ministers will watch convergence efforts

  • Apr 16, 2011

  • The G20 Finance Ministers and Central Bank Governors met in Washington DC on 14-15 April 2011. They agreed, among other things, to closely watch the progress of the IASB and FASB's convergence efforts.

  • China, Japan and Korean standard setters sign Memorandum of Understanding

  • Mar 01, 2011

  • On 25 January 2011, a meeting between the leaders of the standard setters of China, Japan and the Republic of Korea resulted in the signing of a Memorandum of Understanding (MoU), which seeks to strengthen and reinforce the communication and cooperation between the standard setters over the next several years.

  • G20 leaders urge 'international standards'

  • Apr 01, 2010

  • The leaders of Canada, France, Korea, United Kingdom, and United States have sent a Joint Letter to the other leaders of the G20 countries highlighting the need for continued cooperation on the regulatory reform agenda to strengthen the international financial system that they agreed to at their summit meeting in Pittsburgh in September 2009.

  • Asian-Oceanian standard setters will meet

  • Oct 16, 2009

  • The first meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) will take place on 4 and 5 November 2009 in Kuala Lumpur, hosted by the Malaysian Accounting Standards Board.

  • EC deems some local GAAPs equivalent to IFRSs

  • Dec 16, 2008

  • The European Commission has adopted certain measures designating the GAAPs of the United States, Japan, China, Canada, South Korea, and India to be equivalent to International Financial Reporting Standards (IFRSs) as adopted by the EU.

  • Korean language guide to IFRS 5

  • Jul 08, 2008

  • Deloitte (Korea) has published a 74-page Korean language guide to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

  • European Commission report on equivalence

  • Apr 23, 2008

  • The European Commission has prepared a Working Paper on non-EU countries in the process of converging their national GAAPs towards IFRSs and on the progress towards the elimination of reconciliation requirements that apply to EC issuers listed in these countries.

  • Korean translation of IFRSs is completed

  • Feb 01, 2008

  • The Korea Accounting Institute (KAI), which is responsible for setting accounting standards in Korea, has released the Korean translation of International Financial Reporting Standards.

  • New IFRS publications from Deloitte Korea

  • Nov 05, 2007

  • In March 2007, the Korean Financial Supervisory Commission and the Korea Accounting Institute announced a plan for adopting Korean equivalents of International Financial Reporting Standards (K-IFRSs).

  • Deloitte Korea IFRS website

  • Sep 11, 2007

  • The IFRS Services Group of Deloitte Anjin LLC, the Deloitte member firm in Korea, has developed a Korean language IAS Plus website.

  • Symposium on convergence in Korea

  • Jun 14, 2007

  • The Korea Accounting Standards Board (KASB) held a symposium on Present and Future of Convergence between US GAAP and IFRSs on Thursday 7 June 2007 in Seoul.

  • Korea will move toward IFRSs

  • Mar 16, 2007

  • The Financial Supervisory Commission and the Korea Accounting Institute have announced a road map for the adoption of Korean equivalents of International Financial Reporting Standards (K-IFRSs).

All Related