South Korea's Financial Services Commission has finalized an amendment to K-IFRS requiring companies that account for land under the cost model to disclose its officially assessed value in the financial statement notes. The requirement applies from annual financial statements ending Dec. 31, 2026, with comparative information presented retrospectively. The disclosure covers land for which an officially assessed value is calculated and published under South Korea's real estate price disclosure law. It excludes overseas land, land without such a value, land measured under the revaluation model, and land classified as inventory or investment property. Companies must use the latest officially assessed value available under the law and disclose its reference date. The value is not fair value under K-IFRS and may differ because of its purpose, methodology and measurement date.
2026-09-23South Korea Financial Services Commission
South Korea's Financial Services Commission finalizes land value disclosure requirement under K-IFRS
South Korea's Financial Services Commission has finalized a K-IFRS amendment requiring companies to disclose officially assessed values for land accounted for under the cost model. The requirement applies from annual financial statements ending Dec. 31, 2026, with retrospective comparative information. Officially assessed values are not fair values and may differ from them.