Korean Institute of Certified Public Accountants Publishes 2022 Accounting Manual for Accounting Experts and Practitioners

[Asia Economy Reporter Lee Jung-yoon] The Korean Institute of Certified Public Accountants announced on the 12th that it has published the '2022 Accounting Manual' for accounting professionals and practitioners.

The Korean Institute of Certified Public Accountants has published the accounting manual annually since 1995, reflecting amendments to accounting-related regulations. The newly published manual includes accounting standards for general corporations, special sectors, non-profit organizations, and public interest corporations, excluding the Korean International Financial Reporting Standards (K-IFRS). Additionally, it incorporates the accounting treatment standards for collective buildings announced by the Ministry of Justice in July last year, and links practical guidelines to the basis for conclusions and related paragraphs in the general corporate accounting standards.

Furthermore, practical opinions on financial reporting issued by the Financial Supervisory Service and the Korean Accounting Standards Board, as well as inquiries and original texts regarding general corporate accounting standards, have been included in the respective standards.

A representative of the Korean Institute of Certified Public Accountants stated, "Accounting is a fundamental infrastructure for maintaining transparency and soundness in companies and capital markets," and added, "We hope the 2022 Accounting Manual will become an essential guide that assists accounting professionals and practitioners."

Meanwhile, the Korean Institute of Certified Public Accountants plans to publish the 2022 Korean International Financial Reporting Standards (K-IFRS) book and the 2022 Tax Manual for tax professionals and practitioners next month.

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