Korean translation of IFRSs is completed

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01 Feb 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.

This translation is part of a plan, announced in March 2007 by the KAI and the Korean Financial Supervisory Commission, for adopting Korean equivalents of IFRSs (K-IFRSs). All listed companies will be required to prepare their annual financial statements under K-IFRSs beginning in 2011. Listed companies other than financial institutions will be permitted to do so beginning in 2009. Unlisted companies will be allowed to use K-IFRSs. The translation of IFRSs into Korean is a word-for-word translation of the IASB's standards, including all mandatory guidance, and interpretations. Translation of the non-mandatory guidance that accompanies several of the IFRSs is now under way and will be completed by the end of 2008. The translation can be downloaded from the KAI Website free of charge, for use within the Republic of Korea and by any foreign subsidiary, joint venture, associate, or branch of a Korean company. Click for:

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