Korea decided to adopt IFRS according to Financial Advisory Service, announcing “Roadmap of International Financial Reporting Standards Adoption(2007. 3. 16).” Therefore, all public companies will be required to file financial reporting in accordance with K-IFRS since 2011. In order to offer somehow flexibility in timeline, early adoptions have been allowed from 2009, resulting in 13 companies’ early adoption of K-IFRS. Since IFRS gives higher emphasis on objectivity, significance in fair value accounting, than credibility, profit is likely fluctuating and unpredictable as the fair value due to the change in market conditions is reflected. Also, highly misleading valuation outcome could be resulted when it involves inappropriate assumptions and valuation methods from flexibility and subjectivity due to the fact that fair value accounting transactions allow principles-based approach. In domestic specifically, during business combination, target barely recognized additional intangible assets besides assets already being appropriated on the book. However, additional intangible assets in combination must be recognized separately as well as goodwill being recognized with gain and loss difference from performing an impairment test upon adopting IFRS. Therefore, this study is prepared to compare the difference of intangible asset valuation between K-IFRS and K-GAAP in business combination transaction as well as the potential impacts of different accounting standards. According to findings, a strong understanding for structured recognition of intangible asset as well as valuation and system for goodwill impairment must be prepared before adoption of IFRS for both companies and auditors. Prior to adopt regular IFRS system, financial information users and policy makers will have to percept the valuation methods, especially in intangible assets valuation and recognition in business combination, and the significance of impairment test for goodwill and intangible assets, and deliberate consequential plans. The findings in this study are expected to be used in recognizing crucial impact of intangible assets valuation upon K-IFRS adoption for governmental regulator and accounting firms.