South Korea’s Financial Services Commission
(FSC) has resisted calls from the Korea Federation of Small and
Medium Business to postpone IFRS adoption for listed SMEs.
All Korean listed companies must adopt IFRS
from 2011 as originally planned.
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The FSC said there is no justification to
delay IFRS adoption as more than 86% of SMEs that must adopt IFRS
are on track to meet the deadline.
The FSC has agreed to implement more regular
education and communication programmes in an effort to reduce the
strain on businesses caused by IFRS conversion.
The FSC will also conduct regular monitoring
to check how prepared businesses are and provide support for listed
SMEs by conducting field visits and holding IFRS seminars for chief
executives.
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