IFRS: The Challenges Ahead in Korea

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Today, many listed companies are converting to IFRS - the single most important initiative in the financial reporting world.

The Roadmap toward IFRS Adoption in Korea was announced on 15 March, 2007. According to the Roadmap the adoption of IFRS is mandatory for all listed companies from 2011, with early adoption permitted for non-financial institutions from 2009. Adoption of IFRS is optional for unlisted companies.

The impact of IFRS stretches far beyond accounting to affect every business decision that relies upon financial information. Access to up-to-date knowledge, insights and timely advice is essential.

Ernst & Young have established IFRS centers of excellence called "IFRS Desks" in each significant country and region, including Korea, with a team in London coordinating all global IFRS work. This ensures we provide our clients in Korea quality advice and assistance through our approach and experiences in IFRS financial reporting and related matters.

Insurance Accounting Alert - May 2011

IASB and FASB continued their discussions on a uniform global insurance contracts standard, focusing on the principles for unbundling, i.e. when the non-insurance components should be separated from the host insurance contract. Visit our IFRS Publication page on Korean site for more information.

IFRS Developments

We've summarised the key points of IFRS 13 Fair Value Measurementand included our perspectives on the new standards.

IFRS Core Tool Updated

Updated IFRS Core Tools are now available. This issue includes IFRS Update for financial year ending 30 June, interim condensed financial statements, and International GAAP Disclosure checklist based on IFRS in issue at 31 March 2011. Please visit IFRS Publications page to see the documents.