Similarities and Differences – A comparison of IFRS and Korean GAAP (Updated version 2008)

IFRS has been adopted by over 100 countries around the world, including EU and Australia. In line with this global trend, Korea announced its own roadmap for convergence with IFRS in March 2007 in order to reform its local capital markets and enhance transparency in financial reporting.

At the end of 2007, the Korean International Financial Reporting Standards (K-IFRS) were released. The K-IFRS are a word-for-word translation of the full IFRS issued by the International Accounting Standards Board (IASB) and are mandatory for Korean listed companies from 2011, with voluntary early adoption for all companies except financial institutions from 2009.

This second edition of the publication highlights the key similarities and differences between IFRS and the current existing Korean GAAP (K GAAP) before the mandatory adoption of IFRS. It has been updated to include all standards and interpretations published up to 30 June 2008.

Copies of the publication can be obtained from our IFRS publications contact via the order form below.

Korean Sims & Diffs.pdf(751kb)

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