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February 21, 2011

Korean companies adopt IFRS

Listed companies in South Korea have converted from K-GAAP to IFRS, with most firms required to report 2011 first fiscal quarter under IFRS by May 2011.

According to the Korean Institute of Certified Public Accountants (KICPA) first-time IFRS filers are required to issue financial reporting including the first quarter financial statements based on IFRS and the reconciled financial statements beginning 1 January 2010 from K-GAAP to IFRS, enabling financial statements comparability.

KICPA said non-listed companies are not subject to IFRS application and will report under the simplified version of current K-GAAP, with enabled voluntary adoption of IFRS.

KICPA said 1,964 listed companies have adopted IFRS in South Korea.

 

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