Adoption of principles-based accounting in Korea
17 Mar 2021
In 2011, Korea moved from rules-based accounting to IFRSs and their principles-based approach and faced unexpected challenges. The Korea Accounting Standards Board (KASB) has now published an English language summary of the 2020 publication 'Principles-based Accounting: We must strike flint to start fire'.
The summary offers an overview of the gist addressed in the book, including how principles-based accounting is understood in Korea, Korea’s experience toward IFRS implementation and the issues raised, as well as the efforts taken to overcome various challenges with a few more alternatives suggested by the research team set up to identify what caused the problems and to suggest solutions.
Please click to access the summary on the KASB website (114 pages).
