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
-
- Listed companies and
financial institutions - Unlisted but audited
companies - Unaudited companies
- All not-for-profit
organizations
- Listed companies and
- Extemal Audit
-
- Mandatory
- Mandatory
- Exempt
- Exempt
- Related Laws
-
- Act on External Audits of Stock
Companies - Act on External Audits of Stock
Companies - Commercial law
- Act on External Audits of Stock
* Unlisted companies are allowed to adopt IFRSs voluntarily instead of Accounting Standards for Non-Public Entities(NPEs).