Thank you for visiting the official website of the GAFSC (Government Accounting and Finance Statistics Center).
It is my great pleasure to welcome you all.
The establishment of the GAFSC was triggered by the experience from the 1997 Asian Financial Crisis.
To be specific, the importance of ensuring public finance sound and keeping government accounting transparent was raised after the crisis and that led to the accrual reform in the government accounting system of Korea.
As a center specializing in accounting, the GAFSC (originally named as the ‘the National Accounting Standards Center’) was founded in 2010 to support the successful implementation of the new government accounting system.
Ever since, the GAFSC has been carrying out a wide range of research with the goal to achieve establishment, stability and advancement of the accrual accounting in central government.
The coverage of research ranges from the enactment and amendment of the accounting standards for central government, public sector, and public corporations to the utility of the accrual information. The center helps with closing entries of central government and public entities, as well as, supports the management of accrual accounting and double-entry bookkeeping of the central government accounting system by offering related education.
The GAFSC produces integrated government fiscal information according to international standards and regularly participates in the quarterly IPSASB (International Public Sector Accounting Standards Board) meetings and engages in various international consultations and forums to enhance international comparability in government accounting and finance statistics.
Through these efforts, the center will continue to contribute to the improvement of Korea’s fiscal soundness and transparency of government accounting.
Once again, thank you for your interest for government accounting and finance statistics of Korea.