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IFRS, International Finacial Reporting Standard, Ernst & Young - Ernst & Young - Korea

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IFRS: The Challenges Ahead in Korea

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.

Joint Project Watch May 2011

The May issue of Joint Project Watch (pdf, 563.6kb)  is now available. This issue provides an overview of major changes of the month from the perspective of IFRS and their potential impact on businesses.

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.

Joint Project Watch April 2011

The April issue of Joint Project Watch (pdf, 260.9kb)  is now available. This issue provides an overview of major changes of the month from the perspective of IFRS and their potential impact on businesses.

Insurance Accounting Alert April 2011 - Supplement: Boards continue discussions; focus on discount rate

IASB and FASB continued their discussions on common international standard for insurance contracts, focusing specifically on determining an appropriate discount rate for insurance liabilities (pdf, 260.9kb)  using the asset-based top-down approach. Learn more about their decisions, remaining issues and the schedule for further discussions. Please visit our IFRS Publication page to find out more.

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.

Supplement to IFRS Outlook Issue 100: Straightening out lease expense and other issues

IASB and FASB have tentatively agreed to changes to the expense recognition pattern for leases, accounting for variable lease payments and the guidance on the definition of a lease. Learn more about the details in our Supplement to IFRS Outlook Issue 100 (pdf, 395.6kb) .

New revenue recognition model is taking shape

Supplement to IFRS Outlook Issue 99 (pdf, 494.3kb) : As revenue is a key reporting item on financial statements, businesses need to take into account any impact final standards will have on revenue recognition on their financial statements. Learn more about this in our supplement.

Contacts

Sang Hoon Jeon 
IFRS Conversion Leader
Tel: +82 2 3787 6766

Kapsoo Lee   
IFRS Desk Leader
Tel: +82 2 3787 6513

IFRS Tools

IFRS Publications 


Global IFRS Resources

IFRS graphic

Please see our Global IFRS site for additional resources, including Ernst & Young's global IFRS newsletter, IFRS outlook and web based learning modules.

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International GAAP available in hard copy

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