The International Accounting Standards Board (IASB) has welcomed the announcement by the Korea government (Financial Supervisory Commission) and the Korea Accounting Standards Board of a roadmap for Korea to adopt International Financial Reporting Standards (IFRS). The roadmap provides that by 2009, all companies in Korea (excluding financial institutions) will be permitted to apply IFRS as adopted by Korea, and by 2011 financial reporting based on IFRS will become mandatory for all listed businesses. Sir David Tweedie, chairman of the IASB, commented: “Korea is a major economy and the publication of the roadmap towards adoption of IFRS is an important milestone towards our goal of creating high quality, understandable and enforceable global accounting standards. We have been working closely with the Korea Accounting Standards Board and fully support its plans to adopt IFRSs within the next couple of years.”
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