The Korea Accounting Standards Board (KASB, Chair: Eui-Hyung Kim) published the Korean translations of the IFRS Interpretations Committee’s 145 Agenda Decisions on the KASB’s website on 31 December 2020. The 145 Agenda Decisions are comprised of those issued by the IFRS Interpretations Committee from 2011 to June 2020 which are currently available to the public.
*Link to the translated Agenda Decisions on the KASB website:

http://www.kasb.or.kr/fe/bbs/NR_list.do?bbsCd=1017&bbsSeq=&extSearchKey=1017&currentPage=0&rowPerPage=10&ctgCd=90&strDd=&endDd=&searchKey=1000&searchVal=

When an accounting standard user requests interpretation or submits a question during the implementation of an IFRS standard, the IFRS Interpretations Committee reviews the question and, if it meets the specified criteria, issues an interpretation or advises the IASB to amend the standard. 

Even when the question does not meet the criteria, the Interpretations Committee issues an Agenda Decision to explain why a standard-setting project was not added to the work plan to address the question submitted. The Agenda Decision includes explanatory material that helps users better understand IFRS, explaining, e.g., the IASB’s objective of standard-setting and ways to apply specific IFRS requirements.

* The criteria the IFRS Interpretations Committee considers when deciding whether to advise the IASB to set or amend a standard:

Therefore, the KASB decided to translate the full text of the Agenda Decisions issued by the IFRS Interpretations Committee into Korean and make the translations public to help users of K-IFRS better understand the standards.

The translations of Agenda Decisions are posted on the KASB website in the order of date of issuance, but the search function allows filtering by specific standard or term.

The KASB plans to continue translating future Agenda Decisions to be issued by the IFRS Interpretations Committee and post the translations on the KASB website, and also publish the translations of Agenda Decisions into a book, e.g., every quarter or half-year.

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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