This paper introduces a new two-step procedure for PWR depletion analyses. This procedure adopts the albedo-corrected parameterized equivalence constants (APEC) method to correct the lattice-based raw cross sections (XSs) and discontinuity factors (DFs) by accounting for neutron leakage. The intrinsic limitations of the conventional two-step methods are discussed by analyzing a 2-dimensional SMR with the commercial DeCART2D/MASTER code system. For a full-scope development of the APEC correction, the MASTER nodal code was modified so that the group constants can be corrected in the middle of a microscopic core depletion. The basic APEC methodology is described and color-set problems are defined to determine the APEC functions for burnup-dependent XS and DF corrections. Then the new two-step method was applied to depletion analyses of the SMR without thermal feedback, and its validity was evaluated in terms of being able to predict accurately the reactor eigenvalue and nodal power profile. In addition, four variants of the original SMR core were also analyzed for a further evaluation of the APEC-assisted depletion. In this work, several combinations of the burnup-dependent and -independent XS and DF corrections were also considered. The results show that the APEC method could enhance the nodal equivalence significantly with inexpensive additional costs. (C) 2019 Korean Nuclear Society, Published by Elsevier Korea LLC.