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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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.