Accounting in South Korea
- Accounting Standards
- Statement of Korea Accounting Standards.
- Accounting Regulation Bodies
FSS, Financial Supervisory Service
KAI, Korea Accounting Institute
- Accounting Law
- Consult the Regulation on External Audit and Accounting on Financial Supervisory Service.
- Difference Between National and International Standards (IAS/IFRS)
- Consult the list of International Financial Reporting Standards (IFRSs) and corresponding Korean International Financial Reporting Standards as issued by the IASB(K-IFRS) on Korea accounting standards Board.
- Accounting News
Korea Accounting Institute
- Tax Year
- From January 1st to December 31st.
- Accounting Reports
- Accounting structures includes Balance sheet, income statement, statement of cash flows, explanatory notes.
- Publication Requirements
1) Companies listed at the stock-exchange and KOSDAQ market have to follow the disclosure regulation:
- Periodic disclosure : the business reports after the end of a fiscal year, semi-annual reports, and quarterly reports.
- Timely disclosure : major business details as outlined in the Securities Exchange Act and the Disclosure Regulations of the KRX-Stock Market
- Special disclosure : merger, ·spin-off, reports of business takeover & transfer, reports of acquisition & disposal of treasury stocks, etc.
2) External Auditing companies are required to disclose Audiiting report.
3) Corporations issuing securities are required to disclose public securities registration statements, business prospectuses, records of securities issuances, etc.
More information on Korea exchange website.
- Certified public accountants (CPA) and certified tax accountants (CPTA) are specialists providing accounting and tax support to companies operating in Korea. CPAs offer the service on the performance of audits under the CPA law, while cerfied tax accountants offers the service on tax agent services, preparation of tax documentation and tax consultations under the Certified Tax Accountant Law. Auditors operates under the Korean standard on auditing.
- Professional Accountancy Bodies
KICPA, Korean Institute of Certified Accountants
KACPTA, Korean Association of Certified Public Tax Accountants (in Korean)
- Member of the International Federation of Accountants (IFAC)
- The Korean Institute of Certified Public Accountants is a member of the International Federation of Accountants (IFAC).
- Member of Other Federation of Accountants
- The Korean Institute of Certified Public Accountants is a member of the Confederation of Asian and Pacific Accountants (CAPA). It is also a member of the Confederation of Asian and Pacific Accountants (CAPA) which represents the national accountancy organisation in the Asia-Pacific region.
- Audit Bodies
- Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact an external auditor: Ernst and Young Global, Deloitte Touche Tohmasu, KPMG International, Price Waterhouse Coopers.
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