IFRS
International Financial Reporting Standards (IFRS)
In accordance with the March 2007 IFRS Adoption Roadmap pronounced by the Korean regulators, all listed companies and financial institutions in Korea will have adopted IFRS no later than fiscal year 2011 and the transition to IFRS is in the finalizing stage.
As a result, Deloitte Anjin LLC's IFRS services will shift its focus on providing IFRS advisory services for companies preparing for its initial public offering, unlisted companies choosing to adopt IFRS and also technical accounting implementation services related to IFRS amendments for companies already under IFRS.
F/S conversion services
Provide services to prepare IFRS financial statements including footnotes based on the analysis of impacts of IFRS adoption.
Establishment services for IFRS consolidation solution and consolidation package
Establish IFRS consolidation solution or consolidation package after consideration of the size of an enterprise and the complexity of intercompany transactions and ownership structure to help the enterprise prepare consolidated financial statements without difficulty.
Advisory and establishment services for IFRS system
Perform IFRS impact analysis on IT system and analyze it from diverse aspects to decide whether to reflect the impact into the current IT system or to establish a new system. Apply In-house development method, Package introduction method or Hybrid method after discussion with the enterprise when establishing a new system.
Development of valuation model for fair value under IFRS
Provide a solution for valuating non-listed equity securities at fair value and valuation for impairment testing of goodwill and for other areas where fair value measurement is required on adoption of IFRS.
IFRS advisory services relating to IFRS amendment
Perform impact analysis of IFRS amendments relating to financial instruments, revenue and lease. Provide advisory services to assist companies in implementing aforementioned new IFRS requirements.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/kr/en/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
