Financial Supervisory Service to Hold Online K-IFRS Amendment Explanation Session on the 30th

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] The Financial Supervisory Service (FSS), together with related organizations such as the Korea Listed Companies Association, will hold the '2020 Online K-IFRS Amendments Explanation Session' on the 30th via its YouTube channel.

On this day, the FSS plans to provide guidance on major K-IFRS amendments including K-IFRS No. 1116 (Leases) and No. 1103 (Business Combinations), as well as on the appointment and designation system for external auditors and audits related to the internal accounting management system.

Specifically, it will introduce practical simplified methods for K-IFRS No. 1116 (Leases) related to the COVID-19 pandemic and the annual improvements from 2018 to 2020.

Additionally, since this year the external audit of the internal accounting management system has been expanded to listed companies with assets exceeding 500 billion KRW at the end of the previous fiscal year, relevant precautions will be provided. Regarding the external auditor appointment and designation system, key points that companies and external auditors need to know will be introduced.

Furthermore, starting from this year's audit reports, the FSS will introduce the results of the review on the proper description of key audit matters, which will be fully implemented for all listed companies (excluding KONEX), and provide related precautions.

This online explanation session will be conducted through the FSS YouTube channel, allowing anyone to watch freely without restrictions of time and place. An FSS official stated, "We will respond promptly to inquiries through the accounting portal Q&A," and added, "We will support companies and external auditors in preparing for the requirements arising from the implementation of new accounting standards and systems."

This content was produced with the assistance of AI translation services.