As of now, IFRS is the buzz word in International arena and it spreads its wings to Korea, after gaining so much popularity in SEC camp. South Korean finance minister revealed a plan towards adoption of International Financial Reporting Standards.
A grace period of two years for switch over is given to organizations that are currently not following IFRS.
This will bring in more transparency in the Korean Corporate World. Above all, it will also attract new investments and ventures in Korea. Apart from this, a common platform will facilitate unison and comparability of financial statements.
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