KNet is issued quarterly to Korean companies operating business in the U.S. It delivers informative articles, leading opinions, best practices, trends and news on regulatory requirements on accounting, tax and other business related issues.
Current Issue - Issue 2
Trade and Customs Update (PDF)
In the era of growing international trade, managing costs is key to remaining competitive in the global marketplace. Corporations need to identify and implement programs and procedures to achieve cost savings in their trade operations. KNet newsletter introduces duty savings programs such as: the First Sale for Export Principle, Foreign Trade Zones (FTZs) and Free Trade Agreements (FTAs).
Issue 1, 2012
Lessee and Lessor Accounting Update (PDF)
Under the Boards’ latest tentative decisions, the pattern of total non-contingent lease expense recognized by lessees generally would be either front-loaded or straight line, depending on whether the underlying asset is real estate or equipment, and the terms of the lease. The Boards also decided to align the classification test used by lessors to determine whether to apply the receivable and residual (R&R) model or operating lease accounting with the lease classification test used by lessees.