Financial Supervisory Service to Hold Online Briefing on K-IFRS Amendments on the 29th

[Asia Economy Reporter Ji-hwan Park] The Financial Supervisory Service (FSS) announced on the 15th that it will hold the "2021 Online K-IFRS (Korean International Financial Reporting Standards) Amendments Explanation Session" on the 29th.

This explanation session is jointly hosted by related organizations including the FSS, the Korea Listed Companies Association, the KOSDAQ Association, and the Korean Institute of Certified Public Accountants. It aims to help corporate accounting practitioners and external auditors familiarize themselves with changes in accounting standards and systems by providing guidance on amendments to standards such as K-IFRS No. 1001 (Presentation of Financial Statements), as well as important points related to auditor appointment/designation and internal accounting control systems.

Specifically, the session will cover major amendments to K-IFRS. It will explain the contents of this year's revised standards, including K-IFRS No. 1001 and No. 1012 (Corporate Tax), and provide an overview of key trends related to the amendment of International Financial Reporting Standards (IFRS).

To ensure thorough disclosure of notes related to greenhouse gas emission rights, model cases for note disclosures will also be introduced. Additionally, model cases for preliminary disclosures will be explained to ensure faithful disclosure of the impact of the new insurance accounting standard (K-IFRS No. 1117 ‘Insurance Contracts’), which will be implemented starting in 2023.

The FSS will provide guidance on important points related to external audits of internal accounting control systems for listed companies with assets exceeding 100 billion KRW, which will be expanded next year, as well as the application method and operational procedures for adjustment councils to reconcile differing opinions between previous and current auditors on prior financial statements. Regarding the auditor appointment and designation system, the session will cover key contents and precautions that companies and external auditors need to know.

This explanation session will also be available on the FSS YouTube channel, allowing anyone to watch freely. The FSS plans to respond promptly to inquiries submitted through the Financial Supervisory Service Accounting Portal Q&A.

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