Samil Accounting Corporation Distributes Public Interest Corporation Accounting System for Free... "Ensuring Accounting Transparency"

Development of 'STARS' Accounting System for Public Interest Corporations on 50th Anniversary

[Asia Economy Reporter Minji Lee] Samil Accounting Corporation announced on the 9th that it has developed the accounting system for public interest corporations, 'STAS,' as a social contribution activity to commemorate its upcoming 50th anniversary, and plans to distribute it free of charge to public interest corporations.

Recently, issues regarding the accounting transparency of public interest corporations have attracted significant social attention, and related systems and supervision such as accounting, taxation, and disclosure are also being strengthened.

Samil Accounting Corporation explained, "Smaller public interest corporations with limited personnel and resources are likely to feel burdened in preparing financial statements and disclosure forms that meet the standards required by the government and donors." Accordingly, Samil expects that approximately 10,000 public interest corporations in Korea will benefit from STAS.

STAS was developed to provide practical assistance to public interest corporations struggling with financial statement closing and disclosure. It uses account titles and financial statement formats aligned with the public interest corporation accounting standards introduced in 2018, and its most notable feature is the ability to distinguish and account separately for public purpose projects and other projects. When common expenses such as labor costs are entered, they are automatically allocated according to the criteria set for each project and reflected in the financial statements, which is a strength not seen in previous systems.

Additionally, STAS is developed based on an Excel program that anyone can easily use, allowing users to start using the system immediately. It also minimizes the risk of human error, thereby ensuring transparency and reliability of the financial closing data and the information that must be disclosed annually to the National Tax Service's Hometax system.

Yoon Hoonsoo, CEO of Samil Accounting Corporation, said, "For small public interest corporations, it is not only financially burdensome to have a separate accounting system, but also very difficult to develop a system that properly reflects the recently announced public interest corporation accounting standards." He added, "We hope that this project, started to contribute to society with the human and intellectual assets accumulated by Samil over 50 years, will enhance the accounting transparency of public interest corporations and contribute to the activation of the donation culture."

Meanwhile, from the 21st, any accounting personnel working at domestic public interest corporations will be able to download STAS for free. Samil Accounting Corporation plans to continuously update and distribute STAS by reflecting changes in tax laws or modifications to the National Tax Service disclosure forms.

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