Korea's Financial Supervisory Service and the Small and Medium Business Administration (SMBA) have announced that the latter will provide financial assistance to SMEs to help them adopt the IFRS under the 2010 SME consulting assistance project.
SMEs who get professional service from accounting firms to adopt the IFRSs are eligible for the financial assistance for consulting cost up to 50 million won (up to 60% of a total project cost). But cost incurred to deploy hardware including IT system is excluded.
SMEs face challenges in human resources and cost as they are required to adopt the IFRSs beginning next year. To alleviate their burden, the financial authority has been consulting with the SMBA.
Those interested have until March 19th to file their application.