The Korea Accounting Standards Board (KASB, Chair: Eui-Hyung Kim) and the Korean Accounting Association (KAA, President: Tae Young Paik) published the English summary of their research, Principles-based Accounting: We must strike flint to start fire on 17 March 2021.

The KAA had published a book titled Principles-based Accounting: We must strike flint to start fire (First author: Jongsoo Han, Ewha Womans University) in May 2020. 

The book looks into how principles-based accounting (IFRS) can be better understood, successfully applied and further developed in a rules-based society. The book consists of surveys and interviews conducted of a wide range of stakeholders, study results of overseas cases, as well as the authors’ proposals. 

The English summary of the book was published to provide assistance to overseas stakeholders of financial reporting in countries which either plan to adopt or recently adopted IFRS by sharing selected and summarized experiences of Korean stakeholders in application of principles-based accounting.

The English summary of the book, Principles-based Accounting: We must strike flint to start fire can be downloaded from the KASB website at: http://eng.kasb.or.kr/fe/bbs/NR_view.do?bbsCd=1028&bbsSeq=36238.

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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 9 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. 

Press enquiries:

Hyun-duck Choi
Executive Director
Korea Accounting Standards Board
Tel: +82-2-6050-0166
Fax: +82-2-6050-0170
E-mail: hdchoi@kasb.or.kr
 

Jae-Ho Kim
Senior Director
Korea Accounting Standards Board
Tel: +82-2-6050-0175
Fax: +82-2-6050-0170
E-mail: jhkim@kasb.or.kr