The Korean Accounting Association to Hold Social Value Measurement Forum on the 5th

Discussion on Issues in Measuring Social Value

[Asia Economy Reporter Ji-hwan Park] The Korean Accounting Association announced on the 4th that it will hold the Social Performance Measurement Forum (SMF) on the 5th at the Federation of Korean Industries (FKI) building, jointly hosted by the Association's Future Accounting Committee and Social Value Accounting Committee.

The background for holding this forum is that the sustainability of companies both domestically and internationally has reached its limits by economic value creation alone, and discussions on social value have expanded from CSR (Corporate Social Responsibility) and CSV (Creating Shared Value) to stakeholder capitalism from shareholder capitalism. In particular, in Korea, the "Basic Act on the Realization of Social Value by Public Institutions" was proposed as the first bill of the 21st National Assembly, and its importance is growing.

However, experts commonly point out that discussions on social value are difficult to apply practically without solving the issue of "measurement." Since 2017, the Korean Accounting Association has been conducting research to measure and communicate social performance as information based on social value creation activities.

At the forum, Professor Jong-hyun Kim of Hanyang University will present on the topic "Conceptual Framework Measurement and Reporting of Stakeholder-Centered Integrated Financial Statements." Following this, a lively discussion among experts from academia, business, and the accounting industry will be chaired by Professor Do-jin Jeong of Chung-Ang University.

Professor Do-jin Jeong stated, "The awareness of the importance and necessity of measuring social value has been sufficiently disseminated recently. Now, it is necessary to have discussions and research on how to specifically measure social value from declarative and vague social value, and how to integrate and report it with economic value."

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