[Korea goyounghun financial newspaper reporter] Financial Supervisory Service to activate the Task Force (TF) meeting for a pre-emptive response ahead of K-IFRS No. 1115 performed the new income standards in force next year.
FSS and the Korea Accounting Standards circle has been expended in the effort to spread the main content of the publicly traded companies sinsuik standards, practices and impacts, including the need to prepare thoroughly prepared for the new revenue standard.
Sinsuik standards is a major step 5, the main point is the accounting treatment of revenue recognition model to recognize revenue from contracts possible analysis applies to all types of trading agreements. FSS is expected to pass an argument to quickly identify the relevant issues of corporate accounting difficulties, and activate the settlement support TF meeting results such authorities. Based on revenues also check the appropriateness of introducing readiness and disclosures about the major influence.
Through this sector, including practitioners of corporate meetings and surveys identify readiness and major accounting issues, including small businesses quickly and excavated issue is expected to raise countermeasures discussed in the settlement support TF.
TF meeting was a total of five times, beginning with the first meeting last August, a period once a month. Members of the committee, including the 9 May causal observer.
FSS official said, "will be published as soon as examine whether the financial statements are related to the appropriateness of disclosure standards introduced sinsuik reflect the necessary control business."
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