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

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.

Company Profile – free sample

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
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.