Accounting firms in South Korea are in a race to capitalize on the expected boon in bookkeeping, business restructuring, fund-raising, and taxation advisory services from eased regulations on corporate restructuring once the so-called One Shot Act takes effect in August.

The act that passed the legislative in February is aimed to streamline the process in corporate restructuring, mergers and acquisitions by bypassing various commerce, tax, and antitrust regulations. Companies willingly taking up restructuring and asset sales can receive tax benefits.

According to multiple sources from the accounting industry on Thursday, four accounting majors Samil PricewaterhouseCoopers (PwC), Samjong Klynveld Peat Marwick Goerdeler (KPMG), Deloitte Anjin and EY Han Young all organized exclusive teams to ready for a new business environment under the law. Samil PwC, for example, was one of the first among local accounting firms to open a support center after the legislation passed the plenary session of the National Assembly in February.

Bae Hwa-joo, strategy leader at Samil PwC, said that the new support center is composed with the country’s best experts in restructuring and merger and acquisitions and that the center will provide working-level help to companies that wish redesign and reorganize business by advising them on getting their restructuring plans approved by the evaluation committee and providing consulting services on various matters arising along the way.

Samjong KPMG has also created a business reform support center that is led by 50 accounting experts on restructuring, merger and acquisitions, corporate governance structure, strategy establishment, and tax accounting. Deloitte Anjin also launched an industrial restructuring task force after the one-shot law passed the National Assembly. The task force is led by the firm’s restructuring service (RS) team within the financial advisory office.

By Kim Tae-joon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]