ID :
191990
Thu, 06/30/2011 - 10:52
Auther :
Shortlink :
https://oananews.org//node/191990
The shortlink copeid
S. Korean accounting firms gain momentum in Asian markets: industry sources
SEOUL, June 30 (Yonhap) -- South Korea's "Big Four" accounting firms are gaining momentum in Asian markets due to their expertise in new international account norms, financial sources Thursday.
The four -- Samil PricewaterhouseCoopers, Samjung KPMG Advisory Inc., Deloitte Anjin LLC. and Hanyoung Ernest&Young -- have grossed billions of won in the last two years, by providing International Financial Reporting Standards (IFRS) implementation services to major firms in Asia. As a growing number of countries are scheduled to adopt IFRS in the near future, the accounting firms expect their revenues in Asia and abroad to surge exponentially, according to the sources.
As of 2011, more than 113 countries worldwide, including all of Europe, have adopted IFRS. It is drawn up by the London-based International Accounting Standards Board, an independent international organization aimed to promote global convergence of accounting norms. The new rules require companies to release consolidated balance sheets, which include results of subsidiary firms, and apply new yardsticks to value assets and debts.
One of the many benefits of this new accounting language is improved transparency of financial reporting and unified accounting practices.
In 2010, in a bid to join global efforts, South Korea mandated a quarter of local listed companies and financial firms to adopt a locally adjusted version of IFRS, K-IFRS. Ahead of its full adoption in later this year, the Big Four have already earned hundreds of billion won in the local market, according to the sources.
The Big Four have the upper hand going into the international market as they have formed alliances with global accounting and consulting firms, according to the sources.
The local market leader, Samil PwC., has assisted major Japanese companies such as Panasonic Corp. and Mitsubishi UFJ to help them adopt IFRS. The neighboring nation is slated to fully implement IFRS in 2015.
"As we embarked on early steps to apply the rule, we are front runners in the global market. We are receiving good evaluations from Japanese clients," Yoon Hoon-soo, a partner at Samil PwC., said.
Second-placed Samjung KPMG is tapping into the Japanese, Indonesian and Malaysian markets, based on their extensive experiences in helping local clients plan and execute complex IFRS conversions.
"To ensure that IFRS is applied in a globally consistent manner, we are running separated but unified teams for Japanese and East Asian clients," said Seo Ywon-jeong, a partner at Samjung KPMG.
The four companies are also gearing up to make inroads into the United States, the world's biggest accounting market.
The four -- Samil PricewaterhouseCoopers, Samjung KPMG Advisory Inc., Deloitte Anjin LLC. and Hanyoung Ernest&Young -- have grossed billions of won in the last two years, by providing International Financial Reporting Standards (IFRS) implementation services to major firms in Asia. As a growing number of countries are scheduled to adopt IFRS in the near future, the accounting firms expect their revenues in Asia and abroad to surge exponentially, according to the sources.
As of 2011, more than 113 countries worldwide, including all of Europe, have adopted IFRS. It is drawn up by the London-based International Accounting Standards Board, an independent international organization aimed to promote global convergence of accounting norms. The new rules require companies to release consolidated balance sheets, which include results of subsidiary firms, and apply new yardsticks to value assets and debts.
One of the many benefits of this new accounting language is improved transparency of financial reporting and unified accounting practices.
In 2010, in a bid to join global efforts, South Korea mandated a quarter of local listed companies and financial firms to adopt a locally adjusted version of IFRS, K-IFRS. Ahead of its full adoption in later this year, the Big Four have already earned hundreds of billion won in the local market, according to the sources.
The Big Four have the upper hand going into the international market as they have formed alliances with global accounting and consulting firms, according to the sources.
The local market leader, Samil PwC., has assisted major Japanese companies such as Panasonic Corp. and Mitsubishi UFJ to help them adopt IFRS. The neighboring nation is slated to fully implement IFRS in 2015.
"As we embarked on early steps to apply the rule, we are front runners in the global market. We are receiving good evaluations from Japanese clients," Yoon Hoon-soo, a partner at Samil PwC., said.
Second-placed Samjung KPMG is tapping into the Japanese, Indonesian and Malaysian markets, based on their extensive experiences in helping local clients plan and execute complex IFRS conversions.
"To ensure that IFRS is applied in a globally consistent manner, we are running separated but unified teams for Japanese and East Asian clients," said Seo Ywon-jeong, a partner at Samjung KPMG.
The four companies are also gearing up to make inroads into the United States, the world's biggest accounting market.
