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August 3, 2010

South Korean listed SMEs on track for IFRS

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.

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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