Skip to main content
South Korea
Search
Search Statutory Reporting (ONESOURCE) Support Help and Support.

This article applies to:

  • Product: ONESOURCE Statutory Reporting
  • Subject: Templates

Version 16 - August 2025 (CUD release)

  • Financial period type: 12-Months (Annual)
  • Target industry type: Manufacturing, Services, and Generic (excluding Financial Services)

Content update

This update verifies that the Korean Corporate Template includes Illustrative Model Content covering legislative requirements for the annual year-end reporting.

Legislative updates

  • Amendments to K-IFRS No. 1021 Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
  • Amendments to K-IFRS Annual Improvements
    • K-IFRS No. 1101 First-time Adoption of K-IFRS: Application of hedge accounting upon first-time adoption
    • K-IFRS No. 1109 Financial Instruments: Derecognition of lease liabilities and definition of transaction price
    • K-IFRS No. 1110 Consolidated Financial Statements: Determination of de facto agents
    • K-IFRS No. 1107 Financial Instruments: Disclosures: Gains and losses on derecognition
    • K-IFRS No. 1107 Financial Instruments: Disclosures: Implementation guidance
    • K-IFRS No. 1007 Statement of Cash Flows: Cost method
  • Amendments to K-IFRS No. 1109 Financial Instruments and K-IFRS No. 1107 Financial Instruments: Disclosures – Classification and measurement of financial instruments
  • Classification of Liabilities as Current or Non-current and Non-current liabilities with Covenants – Amendments to IAS 1
  • Lease Liability in a Sale and Leaseback – Amendments to IFRS 16
  • Disclosure: Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7
  • Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7
  • IFRS 18 – Presentation and Disclosure in Financial Statements .
  • IFRS 19 – Subsidiaries without Public Accountability: Disclosures.
  • Sale or Contribution of Assets between an investor a d its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28
Refer to the following section for more detailed information.

Early adoption for accounting standards

The mandatory application date and early adoption permissibility of K-IFRS are, in principle, the same as those of IFRS.
  • The amendments will be effective for annual reporting periods beginning on or after 1 January 2025. Early adoption is permitted, but will need to be disclosed. When applying the amendments, an entity cannot restate comparative information.
  • The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Early adoption is permitted, but will need to be disclosed.
  • The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Entities can early adopt the amendments that relate to the classification of financial assets plus the related disclosures and apply the other amendments later.
  • The amendments are currently effective for annual reporting since 1 January 2024.
  • The amendments are currently effective for annual reporting since 1 January 2024.
  • The amendments are currently effective for annual reporting since 1 January 2024.
  • The amendments have not yet been finalized, and it is expected to be implemented as early as 1 January 2026.
  • The amendments have not yet been finalized, and it is expected to be implemented as early as 1 January 2026.
  • The amendments have not yet been finalized, and it is expected to be implemented as early as 1 January 2026.
  • The amendments of the K-IFRS have not yet been finalized as an ongoing project, and the implementation date is still undecided.

Related Content