Hangonghoe Joins International Federation of Accountants to Support Accounting Systems in Developing Countries

[Asia Economy Reporter Minji Lee] The Korean Institute of Certified Public Accountants (KICPA) announced on the 8th that it recently held a video conference with the International Federation of Accountants (IFAC) and others to improve accounting systems in developing countries.

The meeting was attended by representatives from the Korean Institute of Certified Public Accountants, the Japanese Institute of Certified Public Accountants (JICPA), the Institute of Singapore Chartered Accountants (ISCA), and the International Federation of Accountants (IFAC), who presented on recent global accounting issues and key initiatives of each country's accounting bodies.

In Korea, Professor Chanwoo Lee, invited professor at Seoul National University, presented on "The Impact of Accounting Transparency on Macroeconomic Performance," and Seonmun Kim, team leader at the Financial Services Commission, spoke on "Key Issues in the Reform of the Korean Accounting System."

The participants showed great interest in Professor Lee's presentation topic. They reached a consensus to expand the scope of research through cross-country comparative studies and to create opportunities to present these research results at future international conferences.

On this day, the Korean Institute of Certified Public Accountants, the Japanese Institute of Certified Public Accountants, the Institute of Singapore Chartered Accountants, and the International Federation of Accountants formed the "Jeju Group" to improve accounting systems in developing countries. Accordingly, KICPA plans to establish an International Cooperation Committee to actively support developing countries.

Chungkyung Choi, president of KICPA, stated, "Building on our experience supporting the Mongolian Institute of Certified Public Accountants since 2005, we will designate qualified individuals with global capabilities within the domestic accounting industry to provide active support."

This content was produced with the assistance of AI translation services.