The Korea Accounting Institute (KAI) was established as an independent private organization on 1 September 1999, with the mission to set accounting standards that ensure consistency and objectivity for external audits of corporations. Since July 2000, KAI has carried out the duty of setting and interpreting the accounting standards as well as providing technical inquiry service in accordance with the Act on External Audit of Corporations. The Korea Accounting Standards Board (KASB) which consists of representatives from users, preparers, auditors, and academics was also established under KAI for the purpose of deliberation and decision making regarding accounting standards and related matters.
With its professionalism, independence, and pro-activeness regarding economic environment changes, KAI strives to provide high quality accounting standards that are on par with an internationally accepted level. As a result, our efforts have culminated in the publication of 'Korean IFRS as issued by the IASB' (K-IFRS) at the end of 2007. This led to the global recognition of Korea as one of the full IFRS adoption countries, and consequently Korea has taken a big step towards enhancing the transparency of Korean companies.
So we believe this precedent can be used as a good opportunity for us to create new overseas markets where Korean firms can provide our IFRS adoption experience to the countries that are considering adopting IFRS. Korean financial companies may also develop new global markets opportunities through utilizing the common platform of IFRS. At this crucial juncture, KAI will make every effort to successfully implement the K-IFRS along with other related organizations through constructive and close cooperation. At the same time, KAI will actively participate in the IASB's activities with regard to setting and amending the standards by trying to reflect the demands of Korean constituents on the IFRS.
KAI will also provide standards for non-listed companies which is less complex than the K-IFRS. For this purpose, KAI is currently conducting preparatory works such as assessing the feasibility in practice, listening to the demands of users, preparers, auditors, regulators, and academics as well as collecting all related information. In regard to this, anyone can present any opinion on issues related to standard-setting through various means such as attending forums, sending comment letters to exposure draft, or by posting your comments on our website.
Finally, I would like to say that as Korean standards have been elevated to the international level through IFRS adoption, KAI hereby promises to become an internationally recognized organization as well. KAI always welcomes your valuable opinion.