Pharmaceutical Bio Association Holds Seminar on Accounting Issues and Response Strategies

Exterior view of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association in Bangbae-dong, Seocho-gu, Seoul

[Asia Economy Reporter Lee Chun-hee] The Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced on the 30th that it will hold a seminar on "Pharmaceutical and Bio-Pharma Accounting Issues and Response Strategies" at 2 p.m. on the 5th of next month at the Pharmaceutical Hall in Bangbae-dong, Seocho-gu, Seoul. This seminar was organized to review and explore response measures for overall financial and accounting issues in the industry, including accounting treatment in accordance with International Financial Reporting Standards (IFRS) and internal accounting control systems.

This seminar, aimed at accounting and legal department staff of association member companies, consists of presentations and Q&A sessions on topics such as ▲ IFRS accounting application standards and case-by-case application plans for pharmaceutical and bio-pharma companies (Seoyongbeom, Partner at Samil Accounting Corporation) ▲ Improvement and promotion strategies for internal accounting control systems (Jung Geun-young, Partner at Samil Accounting Corporation).

Regarding IFRS accounting application standards, the seminar will cover cases such as corporate tax refunds through R&D tax credit claims and accounting treatment methods for cases like free sample costs and promotional activities. For the improvement and promotion strategies of internal accounting control systems, it will diagnose the current operation status and shortcomings based on inappropriate cases of domestic listed companies, and comprehensively review the goals and directions for improving internal accounting control systems.

The Pharmaceutical and Bio-Pharma Association stated, "The purpose is to share methods for handling new drug R&D costs in compliance with IFRS and to effectively respond to changes in the business environment, as well as to establish a stable internal accounting management system for member companies," urging companies to show interest and participate.

Those wishing to participate can apply through the association's website under Notifications & Applications, with up to two people per company allowed to register. Applications will be accepted until the 3rd of next month (first-come, first-served basis).