Politics · South Korea · 1 hr ago
South Korea to pursue accounting law covering nonprofits
Financial Services Commission chief Lee Eok-won said South Korea would pursue a Basic Accounting Act.
He spoke at an Accounting Day ceremony in Seoul on October 30.
The proposed law aims to improve accounting transparency in the nonprofit sector.
Lee said nonprofits are outside the reach of the External Audit Act.
The new law is intended to address that gap and raise transparency beyond externally audited organisations.
Lee said the government would actively pursue the law’s enactment, but no further steps or timetable were given.
South Korea’s Financial Services Commission will pursue a basic accounting law to improve transparency in the nonprofit sector.
Chairman Lee Eok-won announced the plan at the 9th Accounting Day ceremony.
He said the law would cover nonprofit organizations beyond the reach of the External Audit Act.
The ceremony was held in Seoul on October 30.
- Who
- Financial Services Commission Chairman Lee Eok-won.
- What
- He said the commission would actively pursue a basic accounting law to improve accounting transparency in the nonprofit sector.
- When
- October 30, 2026.
- Where
- The Grand Lotte Seoul in Seoul.
- Why
- To raise accounting transparency in nonprofit organizations not covered by the External Audit Act.
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- Announced by
- Lee Eok-won, Financial Services Commission chairman
- Policy proposal
- Enactment of a basic accounting law
- Intended coverage
- Nonprofit sector not covered by the External Audit Act
- Event
- 9th Accounting Day ceremony
- Location
- The Grand Lotte Seoul, Seoul
1 source
What people are saying
I will actively pursue the enactment of a basic accounting law to raise accounting transparency even in the nonprofit sector not reached by the External Audit Act