The Financial Supervisory Service (FSS) has announced new corporate accounting guidelines for 2024, requiring listed companies and large unlisted companies to implement detailed anti-fraud measures and adhere to stricter internal accounting control standards. Key focus areas include revenue recognition, non-marketable asset valuation, related party transactions, and virtual asset accounting, with companies required to independently prepare and submit financial statements within set deadlines. Smaller companies with assets under KRW 1 trillion have been granted flexibility to defer adoption until 2026, and the FSS is offering reduced penalties for voluntary disclosure of accounting errors. This comprehensive initiative aims to enhance corporate financial transparency while considering the practical constraints of smaller businesses.


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