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KICPA's Advance Notice of 2026 Focus Accounting Issues for Financial Statement Reviews of Non-listed Companies

Audit

KICPA’s Advance Notice of 2026 Focus Accounting Issues for Financial Statement Reviews of Non-listed Companies

1. Overview The Korean Institute of Certified Public Accountants (“KICPA”) has announced in advance four acc…

Changes to Financial Statement Presentation upon the Adoption of IFRS 18 (K-IFRS 1118)

Audit

Changes to Financial Statement Presentation upon the Adoption of IFRS 18 (K-IFRS 1118)

1. Overview K-IFRS 1118, which reflects IFRS 18 Presentation and Disclosure in Financial Statements, was issued in Decem…

Amended Tax Return and Claim for Reassessment

Tax

Amended Tax Return and Claim for Reassessment

1. Overview Due to the increasing diversity of transactions and complexity of tax laws, errors or omissions may arise wh…

Retirement Pension Plans

Other

Retirement Pension Plans

1. Overview Under the Employee Retirement Benefit Security Act, a retirement pension plan is a system designed to help e…

Supreme Court Decision on Tax Deductibility of Disability Employment Levy

Tax

Supreme Court Decision on Tax Deductibility of Disability Employment Levy

1. Supreme Court’s Decision The Korean Supreme Court recently held that the disability employment levy is not subject to…

Overview of Korea’s Accounting Oversight System

Audit

Overview of Korea’s Accounting Oversight System

1. Overview Under the Act on External Audit of Stock Companies (the “External Audit Act”), Korean financial supervisory …

Pillar Two in Korea: Understanding Your GIR Filing Obligations

Tax

Pillar Two in Korea: Understanding Your GIR Filing Obligations

1. Overview of the Regime With the introduction and implementation of the Pillar Two, as part of the OECD/G20 BEPS Proje…

Entry Strategies for Foreign Corporations to the Korean Market

Other

Entry Strategies for Foreign Corporations to the Korean Market

1. Overview Foreign individuals or corporations may enter the Korean market primarily by (i) directly investing equity t…

Obligation to submit transaction details for foreign stock options, etc

Tax

Obligation to submit transaction details for foreign stock options, etc

A domestic corporation or a foreign corporation with a domestic place of business must submit a transaction statement fo…

Special Taxation Rules for Foreign Expatriates

Tax

Special Taxation Rules for Foreign Expatriates

Special Taxation Rules for Foreign Expatriates 1. Overview The Special Tax Treatment Control Law (“STTCL”) prescribes sp…

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