Accounting Society and Financial Studies Association Seminar on Analyzing the Impact of Accounting System Reform on Capital Markets

[Asia Economy Reporter Park Jihwan] The Korean Institute of Certified Public Accountants and the Korean Finance Association announced on the 15th that they held a seminar on the 13th at the Bankers' Hall International Conference Room under the theme "Analysis of the Impact of Accounting System Reform on the Capital Market."

Kim Youngsik, President of the Korean Institute of Certified Public Accountants, and Park Raesu, President of the Korean Finance Association, emphasized the necessity of measuring the outcomes of accounting system reform in their welcoming remarks.

Researchers Kim Woojin and Baek Bokhyun, professors at Seoul National University, presented an analysis of the impact of accounting system reform on the capital market. They explained that the precautionary designations (IPO designation and periodic designation) not only improved audit quality but also produced certification effects such as △reduction in corporate debt costs △increase in investor liquidity △increase in foreign ownership ratio. They also mentioned the need for follow-up research on the period after the continuation of periodic auditor designation.

Panel discussion participants included Song Byunggwan, Head of Corporate Accounting Team at the Financial Services Commission; Lee Sangho, Research Fellow at the Korea Capital Market Institute; Kang Kyungjin, Executive Director of the Korea Listed Companies Association; Kwon Hyukjae, Advisor at Samil Accounting Corporation; Shin Wanggon, Chair of the National Pension Service Investment Policy Committee; and Park Yukyung, Asia-Pacific Investment Director of the Netherlands Pension Fund (APG).

The seminar was organized to present interim results of research conducted since last October and to gather opinions from various capital market participants to achieve more progressive final research outcomes. The final research results are scheduled to be announced in April next year.

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