According to Korean GAAP, the primary financial statements include the balance sheet, profit and loss statement, statement of appropriation of retained earnings and the cash flow statement. The form and content of each statement must be in accordance with the Korean GAAP.

A financial statement version has been created for Korea. This version is called BAKR and comprises all financial statement items that have to be displayed in the balance sheet, profit and loss statement and manufacturing cost sheet.

Accounts not allocated in the version must be balanced to zero.

You can access this financial statement version in Customizing by choosing Financial Accounting ® General Ledger Accounting ® G/L Accounting Business Transactions ® Closing ® Documenting ® Define financial statement versions.

Simplified structure of the created financial statement version:

Current Assets

Investment & Other Assets

Fixed Assets

Deferred Charges

Current Liabilities

Long-term liabilities

Net Income

Income before Income Taxes

Ordinary Income

Operating Income

Gross Profit

Gross Sales

Cost of Goods Sold

Selling and General Administrative Expenses

Non-Operating Income

Non-Operating Expense

Extraordinary Gains

Extraordinary Losses

Income Taxes

Accounts Not Allocated