The purpose of this Decree is to prescribe matters mandated by the National Accounting Act and matters necessary for the enforcement thereof.
| Article 1-2 (Business affairs of officers responsible for accounting) |
| 1. | Preparing and analyzing a central government office's report of settlement of accounts under Article 13 (1) of the Act and a fund's report of settlement of accounts under paragraph (2) of that Article; |
| 2. | Operating statutes and regulations related to accounting affairs; |
| 3. | Managing performance of financial activities; |
| 4. | Other matters determined by the Minister of Economy and Finance regarding the performance of accounting affairs. |
| (2) | If the Minister of Economy and Finance deems it necessary for the improvement, etc. of the national accounting system, he or she may hear the opinions of an officer responsible for accounting under Article 7 of the Act or request the submission of his or her opinions. |
[This Article Newly Inserted on Jan. 28, 2011]
| Article 2 Deleted. <Jan. 16, 2024> |
| Article 2-2 Deleted. <Jan. 16, 2024> |
| Article 2-3 (Entrustment of business affairs related to national accounting standards) |
| (1) | Pursuant to Article 11 (4) of the Act, the Minister of Economy and Finance shall entrust the following business affairs to an institution or organization designated and publicly notified by the Minister of Economy and Finance as deemed to have expertise in the national accounting standards referred to in Article 11 (1) of the Act (hereafter in this Article referred to as "national accounting standards"): |
| 1. | Survey and research on national accounting standards at home and abroad; |
| 2. | Development and utilization of financial analysis techniques using financial statements prepared in accordance with national accounting standards; |
| 3. | Analysis of a central government office's report of settlement of accounts under Article 13 (1) of the Act, a fund's report of settlement of accounts under paragraph (2) of that Article, and the State's report of settlement of accounts under paragraph (3) of that Article for the improvement of national accounting standards; |
| 4. | Other business affairs regarding national accounting standards, which are determined by the Minister of Economy and Finance. |
| (2) | Matters regarding the direction and supervision of institutions or organizations entrusted with the business affairs referred to in the subparagraphs of paragraph (1) shall be determined by the Minister of Economy and Finance. |
[This Article Newly Inserted on Jan. 28, 2011]
[Moved from Article 2-2 <Dec. 31, 2015>]
| Article 3 (Accounting audits by accounting firms) |
| (1) | “Fund falling within the criteria prescribed by Presidential decree” in the latter part of Article 13 (2) of the Act means a fund, the scale of operation of which in the immediately preceding fiscal year is at least 500 billion won. |
| (2) | The fund management entity of a fund obligated to attach an audit report of an accounting firm to the fund's report of settlement of accounts pursuant to the latter part of Article 13 (2) of the Act shall select an accounting firm to perform an audit by the end of June each year. In such cases, if the fund management entity has a relationship falling under any subparagraph of Article 33 (1) of the Certified Public Accountant Act with an accounting firm, such accounting firm shall not be selected. |
| (3) | An accounting firm selected pursuant to paragraph (2) shall not allow any of its directors (referring to a director under Article 26 (1) of the Certified Public Accountant Act) who have conducted the audit of the fund for 3 consecutive fiscal years to conduct the audit of the fund for all periods of the 3 consecutive fiscal years thereafter. |
| (4) | When an accounting firm selected pursuant to paragraph (2) intends to appoint certified public accountants under its control (referring to a certified public accountant under Article 26 (3) of the Certified Public Accountant Act) as assistants to the audit of accounting affairs of the fund, it shall replace at least 2/3 of the assistants in the following fiscal year if it has required the same assistants to audit accounting affairs of the fund for 3 consecutive fiscal years. |
| (5) | If a fund management entity has selected an accounting firm pursuant to paragraph (2), it shall notify the Minister of Economy and Finance of the details thereof within 14 days. |
| (6) | If an accounting firm notified pursuant to paragraph (5) fails to comply with the latter part of paragraph (2) and paragraph (3) or (4), the Minister of Economy and Finance may request the fund management entity to select another accounting firm. |
| (7) | The Minister of Economy and Finance may determine matters regarding the maintenance of independence and the maintenance of reliability of financial statements required to be observed by an accounting firm selected pursuant to paragraph (2) and a fund management entity in conducting an audit under the latter part of Article 13 (2) of the Act. |
| (8) | An auditor‘s report under the latter part of Article 13 (2) of the Act shall include the scope of audit and audit opinions. |
| Article 4 (Preparation of report on settlement of accounts) |
| (1) | The following matters shall be specified in the settlement of revenues and expenditures under subparagraph 2 of Article 14 of the Act: |
| 1. | The following matters regarding revenues: |
| (a) | The amount of revenue budget; |
| (b) | Increase or decrease in transfer, etc.; |
| (c) | The current amount of revenue budget; |
| (d) | The amount determined to be collected; |
| (f) | The amount of deficits due to non-payment; |
| (g) | The amount yet to be collected; |
| 2. | The following matters regarding expenditures: |
| (a) | The amount of expenditure budget; |
| (b) | The amount carried forward from the previous year; |
| (c) | The amount of reserve funds used; |
| (d) | The amount of increase or decrease in appropriations, etc.; |
| (f) | The current amount of expenditure budget; |
| (g) | The amount of expenditure; |
| (h) | The amount carried forward to the following year; |
| (2) | The settlement of revenue and expenditure of a fund under subparagraph 2 of Article 14 of the Act shall specify the following matters: |
| 1. | The following matters regarding revenues: |
| (a) | The original amount of revenues planned; |
| (b) | The amount of the revised revenues planned; |
| (c) | The amount determined to be collected; |
| (f) | The amount of deficits due to non-payment; |
| (g) | The amount yet to be collected; |
| 2. | The following matters regarding expenditures: |
| (a) | The original amount of expenditures planned; |
| (b) | The amount of revised expenditures planned; |
| (c) | The amount carried forward from the previous year; |
| (d) | The current amount of expenditures planned; |
| (e) | The amount of expenditure; |
| (f) | The amount carried forward to the following year; |
| Article 5 (Submission and preparation of supplementary documents for report on settlement of accounts) |
| (1) | The head of each central government agency shall submit a statement of settlement of accounts of continuing expenditure under Article 15-2 (1) 1 of the Act together with a report on the settlement of accounts for the year in which the expenditure of the final annual installment of the continuing expenditure accrues. <Amended on Dec. 31, 2021> |
| (2) | The gender-sensitive settlement of accounts under Article 15-2 (1) 7 of the Act and the gender-sensitive fund settlement of accounts under paragraph (2) 2 of that Article shall include the following matters: <Amended on Jan. 28, 2011; Dec. 31, 2021> |
| 1. | The overview of the gender-sensitive settlement of accounts and the gender-sensitive fund settlement of accounts; |
| 2. | The execution results of the gender-sensitive budget or the gender-sensitive fund; |
| 3. | Analysis and evaluation of gender equality effects; |
| 4. | Other matters determined by the Minister of Economy and Finance. |
| (3) | The statement of settlement of greenhouse gas reduction recognition accounts under Article 15-2 (1) 7-2 of the Act and the statement of settlement of the greenhouse gas reduction recognition fund under Article 15-2 (2) 2-2 of the Act shall include the following matters: <Newly Inserted on Dec. 31, 2021> |
| 1. | The overview of the settlement of the greenhouse gas reduction recognition accounts and the settlement of the greenhouse gas reduction recognition fund; |
| 2. | The execution results of the greenhouse gas reduction recognition budget and the greenhouse gas reduction recognition fund; |
| 3. | Analysis and evaluation of the effects of greenhouse gas reduction; |
| 4. | Other matters deemed necessary by the Minister of Economy and Finance to evaluate whether the budget or fund has been executed in the direction of reducing greenhouse gas emissions. |
| (4) | “Documents prescribed by Presidential Decree” in Article 15-2 (2) 3 of the Act means the explanatory notes on the details of amendments to the fund management plan. <Amended on Jan. 28, 2011; Dec. 31, 2021> |
| (5) | The State's obligations subject to a report on the management of national debts under Article 15-2 (4) 1 of the Act shall be as follows: <Amended on Dec. 31, 2021> |
| 3. | Encumbrances on the National Treasury. |
| (6) | “Documents prescribed by Presidential Decree” in Article 15-2 (4) 3 of the Act means the following documents: <Amended on Jan. 28, 2011; Dec. 31, 2021> |
| Article 6 (Keeping of accounting books) |
| Article 7 (On-site guidance and investigation) |
A person who conducts an on-site guidance and investigation on accounting treatments and preparation of a report on settlement of accounts pursuant to Article 26 (1) of the Act shall carry and present identification verifying his or her status.
| Article 8 (Provision of education for public officials involved in accounting) |
| (1) | The Minister of Economy and Finance may formulate and implement a plan for education and training on national accounting (hereafter in this Article referred to as "education and training plan for national accounting") to provide education to public officials involved in accounting, etc. pursuant to Article 27 of the Act. |
| (2) | If the Minister of Economy and Finance deems it necessary, he or she may entrust the education of public officials involved in accounting, etc. to a relevant specialized educational institution or organization. |
| (3) | The head of each central government agency shall survey the demand for education and training of public officials involved in accounting, etc. under his or her control, and ensure that public officials involved in accounting, etc. participate in the relevant education and training. |
| (4) | The Minister of Economy and Finance or the head of each central government agency shall guide and supervise the status of education and training to enable public officials involved in accounting, etc. participating in education and training to effectively achieve the objectives of the education and training. |
| (5) | Except as provided in paragraphs (1) through (4), details necessary for the formulation, implementation, etc. of plans for education and training on national accounting shall be determined by the Minister of Economy and Finance. |
[This Article Newly Inserted on Jan. 28, 2011]
ADDENDA <Presidential Decree No. 21361, Mar. 25, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation; provided, Article 5 (5) 1 shall enter into force on July 31, 2009. Article 2 (Applicability)
Articles 3 through 5 shall begin to apply to the settlement of accounts for fiscal year 2009; provided, Article 5 (2) shall begin to apply to the settlement of accounts for fiscal year 2010.
ADDENDUM <Presidential Decree No. 22641, Jan. 28, 2011>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 24441, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 25751, Nov. 19, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation; provided, the amendments to the Presidential Decrees to be amended pursuant to Article 5 of the Addenda, which were promulgated before this Decree enters into force but the enforcement dates of which have yet to arrive, shall enter into force on the enforcement date of the relevant Presidential Decree. Articles 2 through 5 Omitted.
ADDENDUM <Presidential Decree No. 26844, Dec. 31, 2015>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 28211, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation; provided, the amendments to the Presidential Decrees, which were promulgated before this Decree enters into force but enforcement dates of which have yet to arrive, from among the Presidential Decrees amended under Article 8 of the Addenda, shall enter into force on their respective enforcement dates. Articles 2 through 8 Omitted.
ADDENDUM <Presidential Decree No. 30161, Oct. 29, 2019>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 32282, Dec. 31, 2021>
This Decree shall enter into force on January 1, 2022.
ADDENDUM <Presidential Decree No. 34134, Jan. 16, 2024>
This Decree shall enter into force on January 19, 2024.