Sibuin Depreciation Statements 

Use

The system allows you to prepare year-end depreciation statements in the format required by South Korea's Corporate Tax Law. The statements show the book depreciation and the tax depreciation on each asset, and any sibuin amounts.

Features

Country Version South Korea comes with two separate programs that you can use to prepare statements, one for assets subject to straight-line depreciation, and one for assets subject to declining-balance depreciation.

They prepare the statements in the appropriate formats, and calculate any sibuin amounts that apply. You can either store the sibuin amounts in a depreciation area in the system, or offline as an Excel file.

Activities

Customizing

If you want the sibuin postings to be recorded in separate depreciation areas and using their own transaction types, you must create them in Customizing.

Reporting

At year-end, you prepare the legal reports. As well as producing the statements, the system also automatically makes any required sibuin postings.

Note that before you execute these programs for the first time, you have to import the initial sibuin values from an Excel file. You can either do so before you prepare the statements, using the Sibuin Amount – Initial Update program, or you can do it while you prepare the statements.

Finally, one further report, the Asset Accounting Control Report, allows you to forecast future depreciation amounts.