The IFRS Foundation appointed the Korea Accounting Standards Board (KASB, Chair: Eui-Hyung Kim) as a new member of the Accounting Standards Advisory Forum (ASAF) on 30 October 2018.
The ASAF consists of 12 members from individual jurisdictions and regional bodies from all over the world including Korea, US, UK, Italy, Japan, China, France and Canada. This is the first time Korea is appointed to the ASAF.
The International Accounting Standards Board (IASB) of the IFRS Foundation consults with the ASAF when they need to set or amend IFRS Standards and places a great emphasis on the views of the ASAF, especially when making important decisions.
With the appointment to the ASAF, Korea is now represented at every level of the IFRS Foundation’s governance structure. There are only four countries, i.e., Korea, US, China, and Japan, that participate in all parts of the governance structure of the IFRS Foundation. The appointment to the ASAF will enable the KASB to more effectively convey the difficult IFRS-related issues that Korean entities experience to the standard-setting body of the IFRS Foundation.
The KASB will attend the coming December ASAF meeting (ASAF generally meets four times a year) and its term of office is three years.
About the IFRS Foundation
The IFRS Foundation is a not-for-profit, public interest organisation established to develop IFRS Standards and to promote and facilitate adoption of the standards. The IFRS Foundation consists of the International Accounting Standards Board (IASB) which is the independent standard setting body of the Foundation, the Interpretations Committee which is the interpretative body of the IASB, etc.
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.