"HF introduces the International Financial Reporting Standards"

- Expect to enhance investor confidence through the improvement of accounting transparency –

The Korea Housing Finance Corporation (HF, CEO Joo-jae Lim) announced on July 12 that it would introduce the International Financial Reporting Standards (IFRS) beginning 2013.

"As HF's tasks get involved in various areas, the scope of financial information use is expanding and the need of financial reporting in line with internationally accepted accounting standards is increasing," said a HF official. "HF decided to introduce IFRS from fiscal year 2013 in time for the government-proposed deadline for quasi-government agencies to introduce IFRS."

The official also said, "A preliminary impact analysis of the IFRS introduction shows an increase in the asset size." And he predicted, "We expect positive effects on investment demand for HF-issued bonds and HF's credit rating since investor confidence should be enhanced through financial reporting based on IFRS."

Meanwhile, HF plans to simultaneously carry out the project of implementing the IFRS system at the Housing Finance Credit Guarantee Fund established within HF while conducting the project of introducing IFRS.