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외환위기 이후 우리나라 회계제도의 발전과정
The Review on Changes in Accounting After Foreign Currency Crisis

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Authors
이정호; 김완희
Issue Date
2003-12
Publisher
서울대학교 경영대학 경영연구소
Citation
경영논집, Vol.37 No.4, pp. 91-129
Keywords
Accounting TransparencyAccounting ChangesSarbanes-Oxeley ActIMF
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.

Fourthly, we prepare infrastructure for facilitating market system rather than introduce

temporary regulations.
ISSN
1229-0491
Language
Korean
URI
http://hdl.handle.net/10371/43461
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College of Business Administration/Business School (경영대학/대학원)Institute of Management Research (경영연구소)경영논집경영논집 vol.37 (2003)
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