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외환위기 이후 우리나라 회계제도의 발전과정 (The review on changes in accounting after foreign currency crisis)

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  • 외환위기 이후 우리나라 회계제도의 발전과정 (The review on changes in accounting after foreign currency crisis)
  • 이정호; 김완희
  • 서울대학교


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Title 외환위기 이후 우리나라 회계제도의 발전과정 (The review on changes in accounting after foreign currency crisis)
Similar Titles
Material Type Articles
Author(Korean)

이정호; 김완희

Publisher

[Seoul, S.Korea]:서울대학교

Date 2003
Journal Title; Vol./Issue 경영논집:vol. 37(no. 4)
Pages 40
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Economy < Economic System
Holding 서울대학교

Abstract

Korea underwent unprecedented changes in accounting sector after 1997 foreign currency crisis. Following the request of IMF and Worldbank, the primary providers of foreign loan, we accepted the international accounting standards, established private standard setting body and introduced combined financial statement, quarterly financial reporting, audit committee and internal accounting control system. After Enron crisis, Korea adopted the core provisions of Sarbanes-Oxeley Act including CEO certification to annual report, auditor rotation, and limit on non-audit business. This paper summarizes the process of these revolutionary changes in accounting and examines their implication. We suggests long term directions for sound development of Korea accounting industry. First, it is necessary to be cautious not to adopt unverified foreign system without careful consideration. Secondly, political sector and government body try to lead the way to accounting transparency. Thirdly, regulation body need to overcome penalty based approach and must maintain fairness in punishment. (The rest omitted)