WF » Topics » Basis of presentation

This excerpt taken from the WF 20-F filed Jun 26, 2009.

Basis of presentation

The Company maintains its accounts in accordance with accounting principles and practices employed by financial institutions and other enterprises in the Republic of Korea, whereas the accompanying consolidated financial statements reflect certain adjustments not recorded on the Company’s books, to present these statements in accordance with U.S. GAAP.

Unless otherwise stated herein, all references to 2006, 2007, and 2008 refer to the Company’s fiscal periods ended or the dates, December 31, 2006, December 31, 2007, and December 31, 2008, as the context requires.

Certain reclassifications have been made to previously reported amounts to conform to current presentation. These reclassifications did not have a material impact on the Company’s previously reported consolidated financial position or results of operations.

This excerpt taken from the WF 20-F filed Jun 25, 2008.

Basis of presentation

 

The Company maintains its accounts in accordance with accounting principles and practices employed by financial institutions and other enterprises in the Republic of Korea, whereas the accompanying consolidated financial statements reflect certain adjustments not recorded on the Company’s books, to present these statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

Unless otherwise stated herein, all references to 2005, 2006, and 2007 refer to the Company’s fiscal periods ended or the dates, December 31, 2005, December 31, 2006, and December 31, 2007, as the context requires.

 

In 2007, the Company reclassified deposits for severance payments from restricted cash to other liabilities as a deduction to accrued severance benefits. As a result of the reclassification, total assets decreased by 134,431 million Won as of December, 31, 2007. Such reclassification has no effect on the results of operations for the current year.

 

Certain reclassifications have been made to previously reported amounts to conform to current presentation. These reclassifications did not have a material impact on the Company’s previously reported consolidated financial position or results of operations.

 

This excerpt taken from the WF 20-F filed Jun 27, 2007.

Basis of presentation

 

The Company maintains its accounts in accordance with accounting principles and practices employed by financial institutions and other enterprises in the Republic of Korea, whereas the accompanying consolidated financial statements reflect certain adjustments not recorded on the Company’s books, to present these statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

Unless otherwise stated herein, all references to 2004, 2005, and 2006 refer to the Company’s fiscal periods ended or the dates, as the context requires, December 31, 2004, December 31, 2005, and December 31, 2006, respectively.

 

Certain reclassifications have been made to previously reported amounts to conform to current presentation. These reclassifications did not have a material impact on the Company’s previously reported consolidated financial position or results of operations.

 

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