On behalf of the Korea Accounting Standards Board (KASB, Chair: Jee In Jang), Chair of the KASB made an official visit to the Financial Accounting Standards Board (FASB) in Norwalk, Connecticut, U.S. for the first time on 1 April 2016.

The KASB and FASB members discussed accounting issues including the following.

- Convergence between IFRS and US GAAP: The FASB explained its activities and position regarding the convergence of Revenue standard. The two Boards shared common views on the fact that it is more difficult to maintain converged standards to stay aligned than to converge the standards and that it requires great effort.

- Goodwill accounting: The FASB shared the current status of goodwill accounting amendment, and the two Boards discussed the appropriateness of impairment and amortization accounting.

- Not-for-profit organization accounting standards: The KASB shared with the FASB the status of Korea’s Not-for-profit standard development. They discussed the need for specific-purpose accounting standards (e.g., separate accounting requirement for donations), apart from the general purpose accounting standards.