2012 Ministry of National Defense asset at KRW 158 trillion

MND holds military chief accounting officers' conference

According to the 2012 fiscal year Ministry of National Defense (MND) financial statement, MND's asset is KRW 158.3946 trillion with KRW 93.918 in liabilities. Also, the financial management result came out to KRW 28.3478 trillion.

This information was disclosed through the military chief accounting officer (CAO) conference on 24 June hosted by the MND, which was led by Vice Minister Baek, Seung Joo and participated by the vice chiefs of staff, assistant chiefs of staff for logistics and forces planning from each Service, deputy minister and director-general level officials from the MND, and chief accounting officers from units of each echelon.

At the conference, the 2012 fiscal year financial statement results and the status of each Service's financial statement credibility improvement progress were presented. In addition, measures to implement the 'Top Ten Financial Accounting Improvement Tasks' disseminated by the MND were also discussed in detail.

In particular, the participants established a consensus on synchronizing the actual asset within the 2013 fiscal year and the asset between the resource management system and financial system, and carried out vigorous discussions on this issue.

Vice Minister Baek requested the participants to "set the goal of preparing a credible financial statement as a top priority considering that the MND's asset is very important, consisting around 10% of the entire nation's assets."

Prior to the conference, 13 accounting officers including Yoon, Myung Hee from the ROK Air Force Logistics Command were awarded the Defense Minister's Commendation for meritorious service in balancing accounts.

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