Korea fully adopted IFRS in 2011 in an effort to improve investors’ perception of the transparency of financial statements provided by Korean entities. As the adoption required a major overhaul of Korea’s accounting system, the government took necessary measures to amend the accounting infrastructure including the related laws and regulations.

After one year of applying IFRS, Korea now expects to see improved perception of the reliability of Korean entities’ financial statements and enhanced status of Korea in the international accounting community.

A new financial reporting language would be implemented smoothly only when it is accompanied by the unwavering will of the adopting country, reorganisation of the related systems, and strong support from the Foundation.

Thus, it is hoped that this report helps those countries planning to adopt IFRS minimise trials and errors and gives some useful guidance to the IFRS Foundation and IASB in promoting the global proliferation of IFRS.