The Korea Accounting Standards Board (KASB, Chair: Eui-Hyung Kim) hosted the 2021 Three Countries Accounting Standards Setters Meeting - China, Japan, and Korea via video conference on 13 October 2021.

Representatives from the three countries' standard setting bodies gathered to share the current status of IFRS implementation in each country and discussed major accounting issues. 

Dr. Andreas Barckow, Chair of the International Accounting Standards Board (IASB), Dr. Jianqiao Lu, Ms. Rika Suzuki, and Prof. Ann Tarca, Board members of the IASB, and representatives from Hong Kong and Macau standard setters also attended the meeting as observers. 

The three countries presented and shared experiences and views on the following accounting topics:

- Korea: Independent Supplementary Temporary Standards 
(e.g., Covid-19-related amendments to IFRS 16)
- China: Business Combinations under Common Control
- Japan: Intangible assets, with a focus on crypto-assets

At the meeting, Korea proposed the use of Independent Supplementary Temporary Standards as an alternative mechanism to enable better understanding of IFRS and efficiently manage temporary amendments to certain standards that are made to respond to impermanent events such as COVID-19 and interest rate benchmark reform. The topic received positive feedback from the attendees.
 

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About the Three Countries Meeting – China, Japan, and Korea 

The Three Countries Accounting Standards Setters Meeting - China, Japan, and Korea is a meeting of the three countries’ standard-setters, gathering once every year since 2001 to discuss current IFRS and other accounting issues, seek solutions to common accounting problems, and strengthen the trilateral cooperation. 

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