On behalf of the Korea Accounting Standards Board (KASB, Chair: Jee In Jang), Chair of the KASB participated in the International Forum of Accounting Standard Setters (IFASS) from 4 to 5 April 2016 in Toronto, Canada.

Approximately 60 attendees representing national standard setters from around the world presented and shared views on the following accounting issues:

- Joint research between KASB and Australian Accounting Standards Board (AASB) on professional judgment and “terms of likelihood” under IFRS
• The joint research revealed that a number of terms of likelihood (e.g., probable, likely, etc.) in IFRS are interpreted with a different level of probability (e.g., how probable is the term “probable” in percentage terms?) between Korea and Australia.
• Participants noted the need for more of such research and that this kind of issue should be taken into consideration when IFRS standards are set and amended.
- Update on Not-for-profit accounting standards around the world
• Korea, U.S., Australia and New Zealand presented on their development and amendment of Not-for-profit standards.
• Attendees agreed that the IASB needs to endeavor to develop a single set of global Not-for-profit standards.
- Cash Flow statement
• The UK suggested distinguishing between “cash” and “cash equivalents” and presenting on the cash flow statement only the inflows and outflows of “cash”.
• In response, attendees raised issues that should be considered when changing IFRS in the suggested manner.
- IFRS implementation : Improving cooperation between the IASB and national standard setters
•  The IASB and participants of the IFASS discussed ways to achieve closer cooperation between the IASB and national standard setters.