On September 12 in Euiyang Hall, the Department of Accounting in conjunction with the Accountancy Institute of Northeast Asia held a special invitational lecture entitled “Preparation for IFRS and K-GAAP.”

This lecture outlined how accountancy standards are changing internationally and the role Keimyung can play in helping Korea to adapt to these changes.

Mike Peterson, who spoke at this lecture, explained the differences between International GAAP (Generally Accepted Accounting Principles), US GAAP, and Korean GAAP and changes that have occurred, while also introducing International Financial Reporting Standards (IFRS).

IFRS is already being implemented in the EU and America is considering introducing it. Korea is also planning to introduce IFRS in 2 to 3 years. K-GAAP, the Korean accountancy principles, is similar to IFRS, but some details need to be worked out before the gradual adoption of IFRS. The accounting standard of the world is expected to be standardized through the application of IFRS.

Mr. Peterson advised, “It is necessary to thoroughly prepare for the introduction of IFRS in this country.”