Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
Man convicted after binge eating to avoid military service
-
4
First snow to fall in Seoul on Wednesday
-
5
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
6
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Industry experts predicts tough choices as NewJeans' ultimatum nears
-
9
Job creation lowest on record among under-30s
-
10
NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
Small firms face tougher punishment over accounting irregularities
By YonhapPublished : Dec. 27, 2018 - 09:59
Small and medium-sized firms will be subject to tougher punishment if they are found to have engaged in accounting irregularities under revised regulations, the financial watchdog said Thursday.
If accounting irregularities worth 5 billion won ($4.4million) or more are found at a small firm, financial authorities could punish the company regardless of the company's size, the Financial Supervisory Service said.
Currently, punishments for accounting irregularities can be reduced if a company is below a certain size.
The new regulation will go into effect in April next year, the FSS said.
Financial authorities have required accounting firms to submit transparency reports as part of its efforts to toughen rules on corporate accounting standards.
Compared with other advanced nations, South Korea still lags far behind in overall accounting standards.
To regain investor confidence, the government has drastically hiked fines against companies with accounting irregularities.
Under the latest accounting reform measures, chief executives of a company or an accounting firm will face "stern punishment" if they are involved in accounting irregularities, FSS officials said. (Yonhap)
