Financial Supervisory Service Holds Seminar on K-IFRS Amendments and Revisions for Practitioners and External Auditors

Financial Supervisory Service, Yeouido, Seoul. Photo by Jinhyung Kang aymsdream@

The Financial Supervisory Service (FSS) announced on the 21st that it plans to hold an explanatory session on the 2023 amendments and revisions to the Korean International Financial Reporting Standards (K-IFRS) in collaboration with related organizations such as the Korea Listed Companies Association.

The session, scheduled for the 1st of next month, is intended for corporate accounting practitioners, external auditors, and stakeholders (investors). Interested participants can register through the websites of the Listed Companies Association, KOSDAQ Association, and the Korean Institute of Certified Public Accountants.

During the session, the FSS will explain key amendments to standards effective from next year, including "Non-current Liabilities with Covenants (No. 1001, Presentation of Financial Statements)" and "Sales-type Leases (No. 1116, Leases)," and provide guidance on major trends related to IFRS amendments and revisions.

Additionally, the session will introduce key cases from the IFRS enforcement examples published this year by the European Securities and Markets Authority (ESMA), such as climate-related risk disclosures and reclassification of financial assets, as well as major inquiry responses to accounting treatment questions received from companies this year. Furthermore, it will cover important topics such as internal accounting control system evaluation and reporting guidelines, Q&A on consolidated internal accounting control systems, and the appointment and designation system for external auditors.

The FSS explained, "We expect this to provide practical assistance in preparing and disclosing financial statements, conducting external audits, and contribute to enhancing accounting transparency."

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