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Accounting Standards Regime
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Three-tier Regime
Korea’s accounting standards regime consists of 3 tiers with the development of accounting standards for not-for-profit organizations underway.
| Standard | Tier | Extemal Audit | Related Laws |
|---|---|---|---|
| 1. K-IFRS | Listed companies and financial institutions |
Mandatory | Act on External Audits of Stock Companies |
| 2. Accounting Standards for Non-Public Entities* |
Unlisted but audited companies |
||
| 3. SME standards | Unaudited companies | Exempt | Commercial law |
| 4. Accounting standards for not-for-profit organizations |
All not-for-profit organizations |
Exempt | none |
Act on Extemal Audits of Stock Companies, Commercial law3Tiers
noneUnderway
* Unlisted companies are allowed to adopt IFRSs voluntarily instead of Accounting Standards for Non-Public Entities
(NPEs).