Korea To Examine Companies' R&D-Related Accounting For Transparency
In a move to harmonize the pharma and biotech industry's accounting practices with global trends, South Korea’s financial authority will examine companies’ R&D cost-related accounting to check for possible ‘distortions’.
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As the year end approaches, Scrip wraps up what major events made headlines in the South Korean pharma/biotech sector in 2018.
Helped by new guidelines, South Korean pharma and biotech firms now have clearer standards related to the reflection of R&D costs in their accounting books, with some pointing out that biosimilar companies may be the biggest beneficiaries.
Amid a recent stock price rigging scandal involving a local bioventure, and the global push to improve the transparency of clinical trials, Korean financial authorities are pushing for improved public disclose by pharma/biotech companies of key information on clinical development, such as trial failures or suspensions, to better inform investors.