Korea Accounting Standards Board Unveils One-Click Accounting Information Access Service

The Korea Accounting Standards Board (KASB, President Lee Han-sang) created the ‘At-a-Glance Accounting Standards Viewing Service’ to reduce the accounting processing burden on companies and released it on the 18th.

The Accounting Standards Viewing Service consolidates International Financial Reporting Standards (K-IFRS), Generally Accepted Accounting Principles for Small and Medium Enterprises, and related inquiry responses scattered across the Accounting Standards Board and the Financial Supervisory Service into one place. This allows service users to search for accounting information in one location without having to look up information separately at multiple institutions, facilitating their work.

Additionally, by providing difficult accounting information in an easy and convenient manner, it enables corporate practitioners and investors to independently enhance their understanding of accounting issues and problem-solving abilities. If they cannot resolve issues on their own, the site also offers a function to submit accounting inquiries.

The Accounting Standards Board plans to provide this service to the Korea Exchange (KRX) for its ‘Accounting Information Platform,’ which will be launched through the SME Accounting Support Center. The aim is to offer unified accounting information services through multiple channels to enhance user convenience.

Furthermore, additional refinement work will be carried out by the end of this year to improve service readability. By next year, hyperlinking between the main text of accounting standards and the related basis for conclusions will also be completed. Newly released inquiry summaries, annual improvements, and revised standards will be continuously updated.

A representative from the Accounting Standards Board stated, "If the service is well utilized, accountants can easily acquire the necessary information during audits to secure reliability and timeliness, and investors can grasp all accounting information related to accounting issues at once, thereby improving their understanding of companies and enhancing the efficiency of investment decision-making." They added, "It will have a positive impact on various accounting information users."

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