9/3/2009

South Korean companies are required to adopt International Financial Reporting Standards by 2011, but many are concerned about the deadline. Some have asked the government to postpone the accounting rule changes or require large firms to adopt the standards first and then phase in smaller companies. "One possible idea is to delay enforcing the rules on small companies [after 2011] to ease the financial burden on them," said Song Choong-seok, an accountant at Seoil and Co.

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