OREANDA-NEWS. November 13, 2012. POSCO received the 1st Annual International Financial Reporting Standards Grand Prize in Financial Information, reported the press-centre of POSCO.

The IFRS (International Financial Reporting Standards) Financial Information Grand Prize is given to the company that prepares a model financial statement based on the K-IFRS (Korea International Financial Reporting Standards), which other companies can utilize as best-practice, and allows investors to easily understand and compare within the same industry or similar companies.

The Korea Listed Companies Association, jointly with the Korea Exchange, established this award to motivate companies to disclose financial information legally and focused on investors.

Candidates are nominated by credit rating companies, major investors and financial information users such as securities company analysts, then reviewed by a review committee consisting of the Financial Supervisory Service, Korea Accounting Standards Board, Korea Exchange, and university professors, on the honesty, understandability, and comparability to other companies through which the award winner is selected.

In the corporate section, POSCO and Hana Financial Group jointly received the award, while LG Chemicals President Seokje Cho received the award in the individual section.

The Finance Team formed a project team starting in August 2008 to introduce the IFRS, and throughout approximately 30 months, analyzed the major differences with the previous corporate accounting standard and studied cases and benchmarked major European countries that have already applied the IFRS, establishing the most optimized settlement infrastructure. Currently, approximately 220 consolidated companies use shared accounting standards and standardized account codes each month to carry out consolidated balancing of accounts.

The award ceremony, held on October 30th at the Korea Exchange in Yeouido, was hosted by the Chief Director of the Korea Exchange and attended by approximately 100 people including POSCO`s President Hanyong Park as well as sponsoring institutions including the Financial Supervisory Service and Korea Accounting Standards Board, and officers and employees of listed companies.