View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
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.


NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to International Accounting Bulletin