Korean Institute of Certified Public Accountants Publishes 2021 Accounting Handbook

[Asia Economy Reporter Ji-hwan Park] The Korean Institute of Certified Public Accountants announced on the 14th that it has published the 2021 Accounting Handbook for accounting professionals and practitioners.

The Accounting Handbook has been published annually by the Korean Institute of Certified Public Accountants since 1995, reflecting amendments to accounting-related regulations. The newly published handbook includes the Korean Generally Accepted Accounting Principles for General Enterprises (excluding Korean International Financial Reporting Standards (K-IFRS)), accounting standards for special sectors, accounting standards for non-profit organizations, and accounting standards for public interest corporations. It also presents the basis for conclusions on general enterprise accounting standards and links practical guidelines to related paragraphs in the standards to enhance readers' understanding.

Practical opinions on financial reporting issued by the Financial Supervisory Service and the Korean Accounting Standards Board, as well as inquiries and original texts related to general enterprise accounting standards, have been included in the relevant standards. The focus was on improving practical application capabilities.

A representative of the Korean Institute of Certified Public Accountants stated, "Recently, social interest in securing the reliability of accounting information has increased," and added, "We hope that the 2021 Accounting Handbook will become an essential guide for accounting professionals and practitioners."

The Korean Institute of Certified Public Accountants plans to publish the 2021 Korean International Financial Reporting Standards (K-IFRS) book and the 2021 Tax Handbook for tax professionals and practitioners in June.

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