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August 25, 2010

New IFRS opportunities for Korean firms

Competition to serve Korea’s quasi-governmental organisations is intensifying as the IFRS adoption date draws closer.

Seventy-eight quasi-governmental organisations are due to adopt IFRS in 2013 and accounting firms that provide IFRS advice are circling their progress.

The IFRS consulting market for quasi-governmental organisations is estimated to be worth KRW14 billion ($11.7m) with each organisation setting aside KRW100m to KRW300m for consulting fees, the Korean Institute of Certified Public Accountants said.

It is understood that quasi-governmental organisations are now looking for firms to help them in the transition process. For example, the National Health Insurance Corporation started a process to select a consulting service provider to assess the impact of the IFRS adoption and to develop accounting policies and manuals in order to ensure a smooth transition to the IFRSs.

Korea’s public corporations and publicly-held companies must adopt IFRS in 2011 and quasi-governmental organisations will review issues that arise from this transition.

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