S. Korea's public companies to adopt global accounting standards

SEOUL, June 17 (Yonhap) -- South Korea's state-run companies will have to adopt
internationally-accepted accounting guidelines in the coming years as part of the
government efforts to enhance their business transparency, the Ministry of
Strategy and Finance said Wednesday.

According to the ministry, the nation's state-run enterprises should adopt the
International Financial Reporting Standards starting in 2011.
The standards, announced by the International Accounting Standards Board in April
2001, are currently used by 110 countries worldwide. Under the guidelines,
companies have to report consolidated financial statements that include the
financial status of subsidiaries.
The move is intended to enhance the overall business transparency and efficient
management of state-run companies, the ministry said. Public firms have
frequently come under fire for feet-dragging on reforms and using taxpayers'
money to compensate for losses.
kokobj@yna.co.kr
(END)