More NewsIASB Welcomes Korea’s Roadmap for Adoption of IFRS

IASB Welcomes Korea's Roadmap for Adoption of IFRS

The International Accounting Standards Board (IASB) has welcomed the announcement by the Korea government (Financial Supervisory Commission) and the Korea Accounting Standards Board of a roadmap for Korea to adopt International Financial Reporting Standards (IFRS). The roadmap provides that by 2009, all companies in Korea (excluding financial institutions) will be permitted to apply IFRS as adopted by Korea, and by 2011 financial reporting based on IFRS will become mandatory for all listed businesses. Sir David Tweedie, chairman of the IASB, commented: “Korea is a major economy and the publication of the roadmap towards adoption of IFRS is an important milestone towards our goal of creating high quality, understandable and enforceable global accounting standards. We have been working closely with the Korea Accounting Standards Board and fully support its plans to adopt IFRSs within the next couple of years.”

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha