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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
