Corporate Tax Act — Article 43 (Application of corporate accounting standards and practices)

In calculating the amount of income of a domestic corporation for each business year, where the corporation applies corporate accounting standards which are generally acknowledged as fair and proper, or continuously applies the relevant practices with respect to the business year during which gross income and deductible expenses accrue, and to the acquisition and evaluation of assets and liabilities, such corporate accounting standards or practices shall be followed, except as otherwise provided in this Act and the Act on Restriction on Special Cases concerning Taxation. <Amended on Dec. 24, 2018>[This Article Wholly Amended on Dec. 30, 2010]