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

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.

Current IFRS issues surveyed for real estate

This publication (pdf, 983k) follows our 2007 survey of financial statements. It provides an analysis of some of the key financial reporting issues and coming developments for real estate investors reporting under IFRS with examples from recent financial statements.

IFRS 7 guidance for corporate entities

Observations on the implementation of "Observations on the implementation of IFRS 7 in corporate entities" (pdf, 5.5mb) gives an overview of disclosures for financial instruments provided in this first year of mandatory application of IFRS 7 Financial Instruments: Disclosures, highlighting challenges faced by companies and drawing comparisons between them. Our observations are based on a survey of the forty largest European corporate companies reporting under IFRS, as at March 31, 2008.

Consumer Products IFRS Financial Statements Survey

This survey analyses how accounting practices in the Consumer products IFRS financial statements survey (pdf, 818kb) have evolved since the adoption of IFRS in Europe. It focuses on the latest annual consolidated financial statements of 21 large publicly listed consumer product companies in seven countries across Europe.

IFRS: The Challenges Ahead in Korea

Contacts

Young Moo Jeong 
IFRS Leader
Tel: +82 2 3787 6316

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

Ernst & Young Online

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