Financial Supervisory Service to Hold 2025 K-IFRS Amendments and Revisions Briefing Session

The Financial Supervisory Service announced on December 3 that it will hold a '2025 K-IFRS Amendments and Revisions Briefing Session' on December 10 for corporate accounting practitioners, external auditors, and others.

During this briefing session, the agency will explain the main points of K-IFRS No. 1118 (Presentation of Financial Statements and Disclosures), which is scheduled to take effect on January 1, 2027, as well as other amendments. In addition, it will provide guidance on major international trends, focusing on key cases such as business combinations and asset impairment, based on IFRS enforcement cases released by the European Securities and Markets Authority (ESMA) this year. The session will also introduce major Q&A cases in which the agency responded to accounting-related inquiries from companies this year, as well as the outcomes of discussions by the IFRS Interpretations Committee.

Furthermore, the session will cover the forms and preparation guidelines related to 'control activities for the prevention and detection of financial fraud' that are to be included in the Internal Accounting Management System Operations Report. If the current and prior auditors have differing opinions on the previous year's financial statements, the agency will present guidelines and the operational status of the adjustment council for opinion coordination. It will also provide an overview of the main points and practical considerations regarding the appointment and designation system for external auditors.

The Financial Supervisory Service stated, "Practitioners directly responsible for the work will participate as instructors to disseminate key information and important considerations on new accounting standards and systems that companies and external auditors need to know, thereby contributing to enhanced accounting transparency."

Accounting practitioners, external auditors, and others who wish to attend can register in advance through the agency's website.

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