South Korea’s financial regulator on Wednesday said it would amend accounting rules for shipbuilders and other exporters to prevent their financial statements from being undermined by mounting currency losses.

The Financial Services Commission (FSC) said the new rules would allow shipbuilders to offset losses from the plunging value of the Korean won by including expected currency gains from contracts that had not yet been executed – which are not normally reported – as well as foreign exchange losses from derivatives contracts linked to the overseas orders.