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Bookkeeping & accounting compliance services in South Korea.

From bookkeeping to timely statutory reporting, our accounting services keep you compliant, give you an accurate and transparent insight into your company’s financial well-being and help improve business performance and profitability.

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Bookkeeping & accounting compliance services in South Korea

Reliable outsourced accounting services
that scale with your needs.

Flexible options

Tailor our services to fit your needs, monthly, quarterly, or yearly. Pay for the service that best suits your business.

Timely reminders

Our accountants will always update you on any upcoming due dates, eliminating any worry about missing a deadline.

Real-time access

Gain continuous access to your financial data and reports, empowering you with real-time financial insights and support.

Accounting services

Complete accounting compliance solutions for your business.

In South Korea, preparing accounts in compliance with local corporate legislation is a legal requirement, providing shareholders and directors with accurate financial insights for informed decision-making.

Core accounting & compliance.

  • Accounting setup

    We establish your accounting framework by creating general ledgers and a customised chart of accounts tailored to your business. Standardised financial processes are implemented along with a full reporting package, including balance sheets, profit and loss statements, and cash flow reports, compliant with IFRS or local GAAP.

    One-off

  • Bookkeeping & transaction processing

    Your books and ledgers are set up in our cloud-based accounting system, with smooth transition support from legacy systems if needed. Monthly bookkeeping is maintained using approved vouchers, bank statements, and other source documents from your management. Automatic bank feeds and online payment approvals streamline transaction processing for your convenience and control.

    Monthly, quarterly or annually

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Accounting compliance reporting.

  • Statutory financial reporting & management accounts

    We deliver clear, accurate financial and management reports that comply with Korean regulations and meet your internal reporting needs. Our team prepares the Trial Balance, Income Statement, Balance Sheet, and Bank Reconciliation, and submits them to your local office and headquarters. We can also assist with banking matters, including providing authorised signatories.

    Monthly, quarterly or semi-annually

  • Year-end financial statement

    Our accountants prepare year-end financial statements that reflect your company’s true financial position and performance. These reports are fully compliant with Korean statutory requirements and ready for submission to authorities or auditors.

    Annually

  • XBRL & GAAP conversion

    We help South Korean entities meet both local and international reporting obligations by converting financial statements into XBRL format and aligning them with Korean GAAP, K-IFRS, or the accounting standards required by your overseas headquarters. This ensures compliance with regulatory requirements and consistency across group financial reporting.

    Annually

  • Statutory audit assistance

    We coordinate directly with your external auditors to ensure a smooth audit process. Our team prepares and delivers all required documentation, handles audit queries, and makes sure your company meets all statutory audit obligations in South Korea.

    Annually

  • Internal audit support

    We help you prepare for internal audits by reviewing your financial controls, verifying policy compliance, and ensuring your records are complete and audit-ready. This gives your internal teams the confidence and clarity they need.

    Annually

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Why Acclime?

Your strategic partner for efficient and expert accounting solutions.

On-time and error-free

Let our specialised team of certified accountants manage your accounts. We ensure that our work is delivered on time and without costly mistakes.

Experienced accountants

We have a clear understanding of the local laws and regulations and can confidently guide you through setting up the right accounting structure and maintenance for your business.

Regional specialists

Our active presence in many global offshore jurisdictions and onshore markets in Asia-Pacific can help your business expand to other important regional markets.

FAQ

Common questions & answers.

What accounting standards do companies in South Korea need to follow?

Companies in South Korea are required to follow either Korean Generally Accepted Accounting Principles (K-GAAP) or Korean International Financial Reporting Standards (K-IFRS), depending on the entity type and size. K-IFRS, which is substantially converged with IFRS as issued by the IASB, is mandatory for listed companies and financial institutions. Non-listed companies may apply K-GAAP, a simplified framework designed for entities without public accountability.

Foreign-invested companies reporting to an overseas parent under US GAAP or IFRS may also need to maintain a parallel set of accounts to satisfy both local statutory requirements and group reporting obligations. Financial statements must be prepared in Korean Won (KRW) and in the Korean language. For a full overview, see the guide to accounting in South Korea.

What are the bookkeeping and financial reporting requirements for companies in South Korea?

All companies incorporated in South Korea are legally required to maintain accounting records and prepare financial statements under the Act on External Audit of Stock Companies and applicable Korean accounting standards. In practice, monthly bookkeeping is the minimum standard, driven by recurring tax filing obligations including monthly VAT returns due by the 25th of the following month and monthly withholding tax returns due by the 10th.

Year-end financial statements, comprising an income statement, balance sheet, statement of changes in equity and cash flow statement, must accurately reflect the company’s financial position and be submitted to the relevant authorities. Listed companies and entities subject to external audit face additional disclosure requirements under the Financial Services Commission (FSC) and must file electronically through the Data Analysis, Retrieval and Transfer System (DART). For a full overview of recurring compliance obligations, see the guide to corporate compliance requirements for South Korean companies.

What bookkeeping records must a company in South Korea maintain?

Companies in South Korea are required to retain all source documents that support their financial transactions. Documents typically maintained include:

  • Approved payment vouchers and expense claim forms
  • Bank statements, bank-in slips and bank credit and debit advice
  • Sales and purchase invoices
  • Contracts and agreements relevant to recorded transactions
  • Tax invoices issued and received under the VAT system

These records must be retained for a minimum of five years under Korean tax law and must be available for review in the event of a tax audit by the National Tax Service (NTS). Maintaining complete and organised records from the outset significantly reduces the administrative burden at year-end and during statutory audits.

When is a statutory audit required for a company in South Korea?

A statutory audit by a registered CPA firm is required for companies that meet one or more of the following criteria under the Act on External Audit of Stock Companies:

  • Listed on the Korea Exchange (KRX) or registered on the KOSDAQ or KONEX markets
  • Total assets of KRW 12 billion or more at the end of the preceding financial year
  • Total liabilities of KRW 7 billion or more and total assets of KRW 7 billion or more
  • Shareholders of 500 or more and total assets of KRW 3 billion or more

The auditor must be a registered CPA firm appointed in advance of the audit period. Listed companies and certain large non-listed companies must rotate their audit firm under mandatory rotation rules enforced by the Financial Services Commission. Companies subject to external audit must submit audited financial statements to the FSC and file through the DART system within the statutory deadline.

What are the annual financial statement filing deadlines for companies in South Korea?

Companies in South Korea must present their annual financial statements to shareholders at the Annual General Meeting (AGM), which must be held within three months of the financial year-end. For calendar-year companies this means the AGM must take place by 31 March.

Listed companies and entities subject to external audit must file audited financial statements electronically through the DART system within 90 days of the financial year-end. The corporate income tax return must be filed and any balance of tax paid within three months of the financial year-end, which for calendar-year companies falls on 31 March. The statutory audit must be completed before the tax return is filed, as the audited accounts form the basis of the tax submission, so the audit timeline effectively governs all downstream deadlines.

Ready to get started?

Improve financial efficiency and compliance in South Korea with our reliable accounting services.

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Not sure where to begin?

Schedule a free 30-minute discovery call to discuss starting and managing your company in South Korea.

Luna, Country Director

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