Korea
- Korea is included in the IFAD GAAP Convergence Studies
- National professional organisation websites:
- Response to IFAC Member Body Survey on Standard Setting and Regulation
- World Bank ROSC Accounting and Auditing Report
- Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)
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 and some additional disclosure requirements. 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 and the Korean Accounting Standards for Non-Public Entities.
IAS Plus 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.
