The English translations of Statements of Korea Accounting Standards (SKASs) and other accounting literature included in this website are official translations of the Korea Accounting Institute (KAI) and do not represent official positions of the Korea Accounting Standards Board (KASB). Official positions of the KASB are determined only after extensive due process and deliberation, to which this translation has not been subjected. The KAI holds the exclusive right to revise and update the contents of this translation at any time without prior notification. Furthermore, because of inherent nature and limitations of any translation projects, the KAI does not make any warranty, express or implied, including the warranties of merchantability and fitness for a particular purpose, or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of this translation. Any English translation included in this website is intended solely for reference purpose and for assisting readers to obtain better understanding of Korea Accounting Standards in general. In case of any inquiries, the reader is strongly advised to refer to the original literature in Korean or consult with accounting professionals who are able to provide expert advice.