On behalf of the Korea Accounting Standards Board (KASB), Eui-Hyung Kim, Chair of the KASB, attended a joint meeting between the IFRS Foundation Trustees and Asian-Oceanian Standard-Setters Group (AOSSG) held on Wednesday 31 January 2018 in Hong Kong. This was the second meeting between the two organizations, following the first meeting held on 25 May 2017 in Tokyo, Japan. At this meeting, the Trustees and AOSSG members discussed a broad spectrum of ways to facilitate mutual cooperation.  

During the meeting, Eui-Hyung Kim made a presentation to introduce to the IFRS Foundation the AOSSG Mentoring Program  through which the AOSSG plans to support IFRS adoption in Vietnam. He highlighted the following points in his presentation:
    the overall efforts that have been made to date by the AOSSG and KASB in progressing the Program; 
    the discussions between the KASB and the Vietnamese Ministry of Finance in November 2016 and December 2017; and
    the future direction of support for Vietnam. 

Furthermore, he asked the Foundation for the support of the Program and participation therein, emphasizing that the success of this Program would lead to achieving one of the IFRS Foundation’s objective, i.e. promoting and facilitating adoption of IFRS around the globe.

The IFRS Foundation agreed with the need for the AOSSG Mentoring Program and expressed its desire to cooperate with the AOSSG and KASB as the plan for the Program is further developed and materialized. 

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About the KASB

The KASB is an independent private organization established on 1 September 1999 with the mission to set and revise accounting standards in Korea. The Board is committed to enhancing the quality of financial reporting by providing high quality accounting standards that are on a par with internationally accepted accounting standards. The KASB consists of 7 board members (2 of whom are full-time) who are professionals from the private sector.

About the KAI

The Korea Accounting Institute (KAI) was established as an umbrella organization of the KASB.