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Over 200 firms found to have violated accounting rules: watchdog

Finance 14:00 October 13, 2021

SEOUL, Oct. 13 (Yonhap) -- Over 200 listed companies in South Korea were found to have violated accounting rules in the recent five years, including misreporting net profits and capital adequacy ratios, the financial watchdog said Wednesday.

The Financial Supervisory Service (FSS) said it has looked into financial statements compiled by 229 listed companies from 2016 until June this year and found that 208 companies have violated accounting rules.

Of the total, 172 companies carried out "grave violations," such as misreporting their net profits and capital adequacy ratios, it said.

Also frequently detected were misreporting figures related to allowance for bad debts, sales, intangible and tangible properties, and inventory held by firms, the watchdog said.

The watchdog said it has fined 63 companies a combined 33.3 billion won (US$27.8 million) and relevant officials of 35 firms have been referred to prosecutors for a probe.

kokobj@yna.co.kr
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