국제회계기준 도입준비와 대응과제

Abstract

With the globalization of capital markets and a glowing need for accounting consistency worldwide korea announced a roadmap for adoption of International Financial Reporting Standards(IFRS) according to the IFRS roadmap financial statements under IFRS may be reported beginning in 2009 but will be made mandatory for all listed companies beginning in 2011. The adoption of IFRS will not merely affect the amendment of accounting standards, but is expected to further influence a corporation's legal and institutional environments. To enhance the credibility of Korea's accounting standards to domestic and global investors, we need to develop a roadmap for the adoption of the IFRS. If Korea decides to fully adopt the IFRS, Korea should change the focus of financial disclosure from individual financial statements to consolidated financial statements as companies would prepare their financial statements on a consolidated basis under the IFRS. We will also need to review whether companies should continue to disclose individual financial statements which have been provided to the domestic capital market so far. However, as the adoption of the IFRS is simply one of the keys to the success of a capital market, there needs to be comprehensive reform that encompasses the legal system, financial supervision, and the stock market. This has motivated the writer of this paper to explore the examples of the advanced countries that have already introduced the standards, the expectant effects or consequences that may be concerned with its introduction into Korea and measures to take for its effective introduction.