Revised accounting standards ... Effect from foreign exchange payment time next year

[Korea goyounghun financial newspaper reporter] financial authorities and South Korea accounting standards won amend the International Accounting Standards adopted Korea (K-IFRS). When the cost of the amendments to this next year overseas purchasing prepaid assets recorded in the book is the exchange rate of the payment point.

Financial Supervisory Service announced the 19th Amendment Such K-IFRS information is contained. First payment from overseas customers for goods acquired during paid in foreign currency, has been recognized later that the goods carrying the argument point if you receive the goods. In this case, whether the exchange rate applicable to the goods acquisition cost at the rates of exchange to want to 'goods acquired point "or" payment time "was unclear.

If this amendment is applicable to prepaid foreign currency payments from next year, and after receiving the assets acquisition value of the assets when recorded in the book it should be recognized by applying the exchange rate at the time of payment. It is opposed to the price before selling the goods abroad shall apply the exchange rate of the payment receipt with the time, even when delivering the goods later recognize revenue.

In addition, other companies have shares classified as held for sale if you do not need to describe the summary financial information of the company to comment, but other information (information on the subsidiary shares, etc.) Analysis of the possible omission was unclear. One remaining provisions in the 1112 issue of standards other than summary financial information requirements this year should be listed as a comment.

With this revision is also complementary rules exempt equity. Venture capital investment organizations, to assess the relationship between corporate interests, such as such as mutual funds held at fair value rather than equity, but has a variety of hands-on about the interpretation that can be applied to select them for each associate. Starting next year, it was amended to allow each applied differently by related companies.

FSS official "financial statements, the author has been able to clearly know the meaning of accounting standards, the accounting treatment compared to coherency and financial statements of the companies likely will increase," said "In the case of tin base of the Held for Sale Co., the financial statements of some companies but can increase the writing pressure, is expected to be a benefit with increasing disclosure increase in the information user side, "he said.

FSS and accounting circles is planning to conduct ongoing public relations and training on the revised standards through fiscal consolidation educational support system.



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