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

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