Exhibit To the Shareholders and Board of Directors of. Our Goose Island Brewing Company is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance Finanxial auditing standards generally accepted in the United States of America. Those standards Korean Company Financial Statements that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. BR Korea Co. Statements of financial position.

As of December 31, and Cash and cash equivalents Notes 8 and Short-term financial instruments. Trade accounts receivable, net of allowance for doubtful accounts of Wonthousand for and Wonthousand for Note Inventories Notes 3 and 8.

Securities Notes 5,8 and Other current assets Note 4. Securities under the equity method Note 6. Securities Notes 5 and 8. Other investments. Tangible assets, net Notes 7 and 8.

Intangible assets Note 9. Guarantee deposits paid Note Membership certificates. Deferred income tax assets Note Total Assets. Trade accounts payable Note Accounts payable-other Note Income tax Quality Moving Company Note Advances from customers Note Guarantee Korean Company Financial Statements received.

Deferred income tax liabilities Note Other current liabilities Notes 11,13, and Accrued severance indemnities, net of benefit plan assets of Won 13, thousand for and Won 11, thousand for Note Allowance for unused points Note Common stock Note Accumulated other comprehensive income Notes 5 and Stafements retained earnings Note Retained earnings before appropriations. See accompanying notes to financial statements. Statements Korean Company Financial Statements income.

For the years ended December 31,and Notes 21 and Interest income. Foreign currency loss, net Note Gain Loss on foreign currency transactions, net.

Commission income. Gain Loss on disposal of tangible assets, net. Gain on disposal of intangible assets. Donations Note Miscellaneous, net Note Accumulated other comprehensive. Annual dividends. Balance after appropriations. Net income. Gains on valuation of available-for-sale securities, net of tax. Statements of cash flows.

Adjustments to reconcile net income to net cash provided by operating activities:. Provision for severance indemnities. Amortization of lease premium. Provision for doubtful accounts. Foreign currency translation loss.

Disposal of tangible assets, net. Disposal of intangible assets, net. Payment of severance indemnities. Transfer of severance indemnities from related parties. Compang in trade accounts receivable. Change in accounts receivable-other. Change in accrued income.

Change in advanced payments. Change in prepaid expenses. Change in inventories. Change in deferred income Korean Company Financial Statements assets. Change in trade accounts payable. Change in accounts payable-other. Change in Cojpany. Change in accrued expenses. Change in income tax payable. Change in deferred income Statsments liabilities. Change in advances from customers. Change in allowance for unused points. Statemrnts in gift certificate discounts.

Change in the national pension fund. Change in benefit plan assets. Net cash provided by operating activities. Withdrawal of short-term financial instruments. Proceeds from disposal of securities. Disposal of tangible assets. Refund of guarantee deposits paid.

Collection of long-term loans. Disposal of lease premium. Disposal of membership certificates. Acquisition of short-term financial instruments. Purchase of securities under the equity method. Purchase of securities. Payment of guarantee deposits paid. Acquisition of tangible Korean Company Financial Statements. Purchase of membership certificates.

South Korea - IFRS

South Korea has added a presentation requirement to IAS 1 Presentation of Financial Statements to require disclosure of operating profit or loss on the face of the statement of profit or loss and other comprehensive income.…

Korea - IAS Plus

K-IFRS are required for all listed companies in Korea since 2011. Unlisted financial institutions and state-owned companies are also required to apply K-IFRSs; other unlisted companies may elect to do so. Korean Accounting Standards for Non-public Entities. The KASB has developed Korean Accounting Standards for Non-Public Entities based on existing Korean GAAP with some ……

Korea, Republic of - Corporate tax administration

Companies whose sales revenue exceeds KRW 150 billion are subject to a five-year periodic tax audit. Other audit target companies are selected by certain standards, which are announced by the National Tax Service (NTS). An official notification of an intended tax audit must be made 15 days prior to the audit. Statute of limitations…


Nov 18, 2015 · and separate financial statements) by electronically filing them with both the Financial Supervisory Service and the Korea Stock Exchange, which are the securities regulator and the stock exchange in Korea, respectively: 1) Annual financial reports should be filed within the 90 days of the fiscal year-end. 2) Quarterly financial reports should be filed within 45 days of the quarter-end.…