What is IFRS?

Accounting standards published by IASB (International Accounting Standard Board) are integrally called as International Financial Reporting STandards (IFRS). They are comprised of the following regulations as of December 31, 2008.

  • 8 IFRS standards issued by IASB
  • 29 standards issued by IASC and corrected edition of IAS issued by IASB
  • 13 interpretation editions prepared by IFRIC (INternational Financial Reporting Interpretations Committee) and approved by IASB
  • 10 interpretation editions prepared by SIC (Standards Advisory Council) and approved by IASB or ISAC
  • What is K-IFRS Consulting

    Major Tasks

    Analysis on differences of overall accounting standards
    Understanding & analysis on major transactions
    Analysis on differences between standards
    Evaluation and ordering of major issues
    Direction setting

    Major Outputs

    Report on overall comparison and analysis on KGAAP vs. IFRS
    Report on influence in accounting and public announcement according to introduction of IFRS (public notice IT)
    Detailed human resource scheme and schedule for IFRS design (for 2nd and 3rd phase)

    Major Tasks

    In-depth supplementary design for each sector
    New and supplementary processes and documents
    along with user's manual for education on end users

    Major Outputs

    Features and preference of each accounting policy
    Process analysis report
    Accounting process statements
    Accounting policies
    Education material

    Major Tasks

    Basic balance sheets
    Quarterly financial statements
    Definition of announcement matters
    Identification and solution of issues over system operation

    Major Outputs

    Basic balance sheets and public announcement
    Quarterly financial statements and public announcement