기업회계기준의 변화와 외감법의 개정

Abstract

Historically, Korean companies have used Generally Accepted Accounting Principles(GAAP) as a common standard to report on their financial status. This accounting standards have also played a critical role in the drafting of legal instruments. However, many countries have adopted and now require the use of international financial reporting standards(IFRS). This newly accepted standard is the development of a single set of high-quality international accounting standards that are transparent, understandable, and enforceable, and that are rigorously applied. With regard to adopt new accounting reporting standard, External Audit of Stock Companies Act(EASCA) was amended in 2009 and this amendment is evaluated to set up a basis to accept IFRS. EASCA abolishes conglomerate combined financial statements and mandates companies that fall into article 1-2 to use consolidated financial statements. And it amends to set high from the total assets of which is over seven billion won to ten billon be subject to an accounting audit performed by an external auditor. It also gives an external audit to cancel of a audit contract with some conditions. However, this amendment is still criticized because it didn't consider external auditor's indecency specially on the part of it's election and compensation. The election and compensation power for external auditor should be in the hand of the audit committee, not the director. It also didn't take into account to external auditor's limitation of civil liability.