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2017

High-level recap of changes resulting from the application of IFRS 9 and IFRS 15

04 Jan 2017

The IASB has published 'IFRS 9 and IFRS 15 — one year to go' on its website.

Basically, the recap offers a very general overview of the changes IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers will bring about and then links to the IASB's IFRS 9 implementation page and IFRS 15 implementation page. The recap also reminds preparers that investors need to be informed about the expected impact of a new standard even before companies apply that standard. Please click to access the recap on the IASB website.

Comprehensive study into IFRS adoption in Korea

02 Jan 2017

Five years after adopting IFRS in Korea, the Korea Accounting Standards Board (KASB) conducted a comprehensive research project see whether the hoped for effects of IFRS adoption have come about.

Korea adopted IFRS in 2011 without prior convergence and without a phased in approach. All public companies and major financial institutions in Korea were required to adopt IFRS not only for their consolidated financial statements but also for their separate financial statements. The switch was a major one since IFRSs are principle-based while in Korea rule-based accounting was prevalent.

The study now published examines what has been achieved throughout the IFRS adoption process in Korea as well as what lessons Korea has learned over the last five years. It is based on seven individual research studies some of which we already pointed out earlier on IAS Plus:

  • Costs and Benefits of IFRS Adoption in Korea: Preparers’ Perspectives
  • IFRS Adoption and Capital Globalization in Korea
  • The Economic Consequences of IFRS Adoption in Korea: Evidence from interview and survey
  • The Economic Consequences of IFRS Adoption in Korea: A literature review and empirical evidence
  • The Effect of IFRS Adoption on External Audit and Accounting Supervisory System in Korea
  • The Effect of IFRS Adoption on Accounting Information and Major Decision-Making Process in Public Sector
  • Review on IFRS Adoption Process and Implementation Issue

Please click to access the introductory press release on the KASB website that offers access to the research report.

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