Samjong KPMG's Cheonwook Baek Selected for 'Outstanding Paper Award' at Korean Accounting Association

Analysis of the Accounting Impact of Deferred Corporate Income Tax under the Global Minimum Tax

Samjong KPMG announced on June 12 that Cheonwook Baek, Managing Director in the Tax Advisory Division, will receive the Outstanding Paper Award at the '2025 Korean Accounting Association Summer International Conference.'

Cheonwook Baek, Managing Director at Samjong KPMG. Samjong KPMG

The Korean Accounting Association will hold the '2025 Summer International Conference' at the Sofitel Ambassador Seoul Hotel in Songpa-gu, Seoul, from June 19 to June 20. At this conference, the paper titled 'Preliminary Analysis of the Accounting Impact of Deferred Corporate Income Tax Due to the Introduction of Global Minimum Tax (Pillar 2),' co-authored by Managing Director Baek, Professor Hyungtae Cho of Hongik University, and Kyuman Heo, a doctoral student at the University of Seoul, was selected for the Outstanding Paper Award.

This paper analyzes the impact of the global minimum tax regime?introduced under the leadership of the Organisation for Economic Co-operation and Development (OECD) to reallocate taxing rights among countries and incorporated into domestic tax law from 2024?on deferred corporate income tax accounting. It has attracted attention as the first accounting-focused paper to include practical case studies on this topic.

In particular, the paper is recognized as a foundational study on the direction of corporate income tax accounting under Korean International Financial Reporting Standards (K-IFRS), for which specific guidelines have not yet been established. It was highly regarded for its potential to contribute to future discussions and understanding of the global minimum tax regime by the Korea Accounting Standards Board and academia.

Managing Director Baek stated, "It is very meaningful that the paper I wrote to bridge the information gap between practice and academia?based on issues identified while working on global minimum tax matters?has been recognized by such a prestigious academic society." He added, "I will continue to strive to provide practical support not only for future corporate income tax accounting revisions but also for corporate clients who need to respond to the global minimum tax."

Meanwhile, Managing Director Baek is responsible for specialized global minimum tax advisory services in the Tax Advisory Division at Samjong KPMG and has extensive practical experience in tax adjustments, international tax consulting, requests for correction, and tax dispute responses for multinational corporations.