Republic of Korea : Accounting and Auditing

This report provides an assessment of accounting and auditing practices in the Republic of Korea (Korea). Korean Accounting Standards, which have been established by an independent standard setting body, the Korea Accounting Standards Board (KASB),...

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Bibliographic Details
Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ABBREVIATIONS ACCOUNTING ACCOUNTING STANDARDS ACCOUNTING SYSTEMS ACRONYMS ANNUAL REPORTS APPROPRIATIONS ARRANGEMENT AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITS BANKING INDUSTRY BENCHMARKS BORROWING BORROWING COSTS CLASSIFICATION COLLATERAL COMMERCIAL BANKS CONTINGENT LIABILITIES CORPORATE GOVERNANCE CORPORATE INFORMATION DEBT DESCRIPTION DISCLOSURE EXTERNAL AUDITORS FILING FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL TRANSACTIONS FOREIGN EXCHANGE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES INCOME TAXES INSIDER TRADING INSURANCE INVESTMENT BANKERS INVESTOR PROTECTION PACIFIC REGION PENSION PLANS PRIVATE SECTOR PROVISIONS PUBLIC PUBLIC COMPANIES RATING AGENCIES REGULATORY FRAMEWORK SECURITIES SHAREHOLDERS TAX TAXATION
Online Access:	http://documents.worldbank.org/curated/en/2004/06/6579640/korea-republic-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14510

Description
Summary:	This report provides an assessment of accounting and auditing practices in the Republic of Korea (Korea). Korean Accounting Standards, which have been established by an independent standard setting body, the Korea Accounting Standards Board (KASB), are largely consistent with International Financial Reporting Standards (IFRS). Korean Auditing Standards, which have been established by the Korean Institute of Certified Public Accountants (KICPA), are a translation of the International Standards on Auditing. The statutory regulator's audit engagement reviews have been strengthened in the last few years. However, opportunities still exist for noncompliance with established accounting and auditing standards. The policy recommendations of this report focus on strengthening the monitoring and enforcement of established accounting, reporting, and auditing requirements.

Republic of Korea : Accounting and Auditing

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