On 19 October 2023, the Korea Accounting Standards Board (KASB, Chair: Han Yi) invited the Financial Accounting Standards Board (FASB) delegation led by Chair Richard R. Jones for a bilateral meeting at the KASB office in Seoul Korea. The two Boards had an in-depth discussion about technical topics in which both Boards have interest. 

The KASB and the FASB shared updates on their respective standard setting and amending projects and discussed key technical topics, including disclosure of cryptoassets and Post-implementation Review (PIR) of IFRS 15 Revenue from Contracts with Customers. 

Regarding disclosure of cryptoassets, the Boards compared the K-IFRS amendment that additionally requires disclosure of key information on cryptoassets and the relevant US GAAP amendment, and exchanged views on the definition, disclosure scope, fair value measurement and the profit and loss effect of cryptoassets.

The KASB provided an update on its progress on the PIR of IFRS 15 and shared the issues identified from stakeholder feedback, including licensing, principal vs. agent consideration, and identification of performance obligations. The two Boards also exchanged perspectives on the results of the PIR of US GAAP Topic 606 ‘Revenue from Contracts with Customers’, converged with IFRS 15, which was previously conducted by the FASB in July 2021. Their discussion addressed the issues identified during the PIR of Topic 606, any uncertainties in application with other standards, and convergence between the revenue standards of IFRS and US GAAP.    

This meeting in Seoul was the second bilateral meeting between the two standard setters following the bilateral meeting in Norwalk in April this year. The KASB and the FASB plan to continue to cooperate through future bilateral meetings.  


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About the KAI

The Korea Accounting Institute (KAI) is an independent private organization established on 1 September 1999. It is an umbrella organization of both the KASB and the KSSB. 

About the KASB

Since its establishment on 1 September 1999, the KASB has been mandated 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 KSSB

Since its establishment on 25 November 2022, the KSSB has been mandated to support setting and revising of sustainability disclosure standards in Korea. The KSSB consists of 7 board members (2 of whom are full-time) who are professionals from the private sector.



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