Samil PricewaterhouseCoopers (PwC) announced on the 8th that it has published an accounting and domestic tax guidebook for corporations in the technology, media, and telecommunications (Tech, Media, Telecommunication·TMT) sector.
The guidebook was tailored for corporations in the TMT industry, including ▲semiconductors ▲games ▲telecommunications ▲e-commerce and platforms ▲information technology (IT) solutions. It features accounting and tax standards suitable for each industry characteristic and is designed to assist management as well as practical staff with specific case studies.
From an industry perspective, the semiconductor guidebook was crafted not merely as a manufacturing business but from the viewpoint of a complex service industry that provides services through the continuous development of intellectual property and advanced technology know-how.
In the case of games, the guidebook addresses the expansion into new businesses such as collaborations with the entertainment industry and virtual assets, while for the telecommunications industry, it includes changes in accounting standards based on the evolution of bundled product sales.
Moreover, the e-commerce and platform guidebook was developed from the perspective of an industry that is evolving into various forms that fuse technology and services. IT solutions are characterized not just by software development but also by advanced services that venture into areas like bundled service product sales and cloud-based artificial intelligence (AI).
Jeong Jae-guk, leader (partner) of the TMT industry at Samil PwC, noted, "The guidebook's feature is the multilateral review of applicable accounting treatments and tax laws considering trends in industries evolving into new realms," and expressed hope that "each corporation can reinforce its direction for accounting treatment and applicable tax laws, and proactively establish strategies for accounting treatment and tax laws in response to industry evolution."
Detailed information about the guidebook can be found on the Samil PwC website.