외환위기 이후 우리나라 회계제도의 발전과정

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.