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As part of the implementation of the "Roadmap Toward IFRS Adoption in Korea" announced in March 2007, in 2008 the Korean Accounting Standards Board (KASB) finalized the translation of International Financial Reporting Standards (IFRSs) into the Korean language. The new standards known as Korean-International Financial Reporting Standards (K-IFRSs), as pointed out in a March 2008 update on the Deloitte IAS Plus website, are a "word-for-word translation" of the International Accounting Standards Board's (IASB) standards, guidance, and interpretations. All listed companies will be required to prepare their annual financial statements in accordance with K-IFRSs beginning in 2011. Non-financial listed companies are permitted early adoption from 2009. As specified in the Roadmap, unlisted companies will have an option to apply K-IFRSs, or prepare their financial statements following simplified accounting standards which are expected to be adopted year-end 2009. Meanwhile, Korean listed and unlisted companies apply the existing Statements of Korea Accounting Standards (SKASs) which, although based on IFRSs, differ in many respects from their international counterparts. In a 2004 assessment of Korean accounting and auditing practices, the World Bank recommended achieving full convergence by eliminating the differences between national and international standards. In a March 2007 presentation, the KASB chairman Hyoik Lee noted that the KASB has adopted a phased approach towards convergence and as of March 2007, 23 SKASs based on IFRSs were issued, while 14 Exposure Drafts were outstanding.

In a 2004 ROSC on Accounting and Auditing, the World Bank commended the Korean authorities for making significant efforts in improving auditing standards and practices and strengthening the standard-setting institutions. Nonetheless, the World Bank recommended issuance of additional practice guidance for the implementation of auditing standards in Korea and strengthening sanctions against non compliance with standards and oversight of auditors of public companies. Korean Standards on Auditing (KSAs) are issued by the Korean Institute of Chartered Public Accountants (KICPA) and are in conformity with the International Standards on Auditing (ISAs) promulgated by the International Auditing and Assurance Standards Board (IAASB). However, the KSAs are based on the 1999 version of ISAs and the IAASB has been revising and amending the international standards on an on going basis. A 2006 KICPA self-assessment points out that the KICPA plans to revise the existing KSAs in line with ISAs by 2008. The KICPA website confirms that the KICPA has initiated efforts to introduce the latest revised ISAs in Korea. A task force for the technical translation of the latest ISAs has been created and the translation was scheduled to be completed by October 2008. The website further points out that the KICPA plans to issue the revised standards during the first half of 2009 applicable for financial statements beginning January 1, 2010.