Preface
The Korea Accounting Institute (KAI) has been responsible for matters relating to accounting standards since the Financial Services Commission (FSC) delegated the duty of setting, amending and interpreting accounting standards to the Korea Accounting Standards Board (KASB) nested within the KAI in accordance with the Act on External Audit of Stock Companies and Enforcement Decree of the Act. Recent endeavors of the KASB include playing a pivotal role in the successful adoption of IFRS in Korea, thereby helping to improve Korean entities’ accounting transparency to meet the global standard and also to enhance Korea’s capital market efficiency. 
The adoption of IFRS in full in 2011 led to the growing importance of fair value measurement – the scope for applying fair value measurement was expanded to include not only financial assets but also non-financial assets and liabilities. Against the backdrop, the KASB sought to find ways to better understand the implementation status of K-IFRS 1113 Fair Value Measurement in practice and enhance utilization of fair value information by requesting an outside research team consisting of Prof. Seok Woo Jeong of Korea University, Prof. Jong Il Kim of The Catholic University of Korea, Prof. Kwang Bok Hue of Dongduk Women’s University, and PhD. student Nam Chul Jung of Korea University to carry out a Post Implementation Review project on K-IFRS 1113 Fair Value Measurement. This research project addresses various issues relating to fair value including the study into the implementation status of K-IFRS 1113 from multiple angles based on the surveys of and in-depth interviews with stakeholders who calculate, verify, and use fair value measurement information (e.g., companies, professional assessment institutions, accounting firms, academia, users of financial statements, etc.).
You can find this research paper on the KASB’s website (www.kasb.or.kr). If you have any comments on the paper, please send them to the KASB by mail or email to webmaster@kasb.or.kr. 
Please note that the views expressed in this paper are those of the researchers specified above and do not necessarily represent the official views of the KAI or KASB. Also, I would like to express my sincere gratitude to all those who were involved in this research project for their effort.

September 2017

Eui-Hyung Kim
Chair and CEO
Korea Accounting Institute
Korea Accounting Standards Board