Korean domestic banks are finalising the
adoption of the IFRS, which will become mandatory at the beginning
of next year.

According to the Korean Institute of Certified
Public Accountants (KICPA), some banks have already started
preparing financial statements using IFRS. However, some are
pointing out that systems should be improved before the transition
to IFRS.

Commercial banks in Korea have, according to
KICPA, built related systems in preparation, which are currently
being tested.

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