earticle

영어

Korea carried out reform of accounting standards so that the central and the local governments started adopting accrual-based accounting standards. In Korean, the central and the local government prepare each accounting standard. The U.S. (AICPA) and the U.K.(FRAB) whose decentralization levels are high operate dual accounting standard setting organizations while an advisory organization sets the accounting standard. France also has dual accounting setters of the central and the local governments while an independent advisory organization sets the accounting standard (CNOCP). This study explores alternatives to set proper government accounting standards. First, Korea needs to consider unification of practice support organization such as National Accounting Finance Statistics Center and Local Accounting Statistics Center. Second, establishing government accounting standards committee in the form of independent advisory organization could enhance independence, expertise, finance which would lead to the increased consistency in the government accounting standards.