In the general meeting of member organizations held on 24 February 2017, the Korea Accounting Institute (KAI) appointed Kim, Eui-Hyung, Senior Partner of PwC Consulting, as the 7th Chair and CEO of the Korea Accounting Standards Board (KASB). The term of the outgoing Chair Jee In Jang will expire on 28 February 2017.
The Government (Financial Services Commission) delegated the duty of setting and amending accounting standards to the KASB. The KASB will focus on institutional soft-landing of IFRS implementation as well as participation in the standard setting process and education of IFRS.
Background of the new Chair is as follows:
MA, Finance, Seoul National University
BA, Econimics, Seoul National University
Career in Accounting Profession
Executive member of PwC Korea
CEO of PwC Consulting
Member of Korea Accounting Standards Board
Member of Korea Fair Trade Commission
Member of the Korean Institute of Certified Public Accountants (KICPA)
Member of the American Institute of Certified Public Accountants (AICPA)
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 7 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.