• Title/Summary/Keyword: KIFRS

Search Result 1, Processing Time 0.015 seconds

A Study on the Harmonization between Financial and Tax Accounting in relation to Borrowing Costs (차입원가에 대한 기업회계와 세무회계의 조화)

  • Yoo, Jae-Kwon
    • Journal of the Korea Academia-Industrial cooperation Society
    • /
    • v.13 no.1
    • /
    • pp.164-168
    • /
    • 2012
  • This study suggests the direction to narrow down the difference between financial and tax accounting in relation to borrowing costs. Accounting for capitalization of borrowing costs under accounting standards for non-public entities should be revised to converge into KIFRS. The provision of corporate income tax law relating to capitalization of borrowing costs should be applied on the optional basis rather than compulsory application especially for non-public entities. The range of qualifying assets for capitalization under the tax law should be reviewed to comply with KIFRS.