The KASB hosted the 2018 Three Countries Accounting Standards Setters Meeting - China, Japan, and Korea in Busan on 19 October 2018.
Representatives from the three countries' standard setting bodies gathered to share the current status of IFRS adoption in each country and discussed major accounting issues.
Makoto Takahashi, Director of IFRS Foundation Asia Oceania Office, and representatives from Hong Kong and Macau standard setters also attended the meeting as observers.
Korea invited Joong-Kyung Choi, President of the Korean Institute of Certified Public Accountants (KICPA), for a special presentation on ‘Accounting Reform of Korea’ which the attendees found very insightful.
Each of the three countries presented and shared experiences and views on the following topics:
- Korea: Challenges for Intangible Assets Reporting
- China: Business Combinations under Common Control
- Japan: Virtual Currencies
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.