Accounting in Korea

Korea operates a tiered accounting standards system, overseen by the Korea Accounting Standards Board (KASB) and under the supervision of financial regulators.

Korean IFRS (K-IFRS)

Korean International Financial Reporting Standards (K‑IFRS) are IFRS as issued by the IASB and adopted in Korea. As of October 2024, all IFRSs have been endorsed without modification, though Korea imposes additional disclosure and presentation requirements.

K-IFRS apply to all companies listed on the Korea Exchange (KRX), including companies preparing for listing and some other entities, depending on regulatory requirements.

Non-listed companies have also the option to use K-IFRS.

Accounting Standards for Non‑Public Entities (referred as KAS-NPE or K-GAAP)

Companies that are not applying K‑IFRS have to use Accounting Standards for Non‑Public Entities, developed and maintained by KASB. These standards are based on legacy Korean GAAP.