Former Chief Secretary Lee Seok-jun Appointed as Director of IFRS Foundation Board

Park Jeong-hyeok Appointed as GPF Accounting Specialist... First Korean Ever

[Image source=Yonhap News]

[Asia Economy Reporter Yu Je-hoon] Lee Seok-jun, former head of the Office for Government Policy Coordination and the nominated next chairman of NongHyup Financial Group, has been appointed as a director of the International Financial Reporting Standards (IFRS) Foundation Board.

According to the Financial Services Commission on the 22nd, the IFRS Foundation appointed Lee as a director of the IFRS Foundation Board on the 20th (local time). Lee will serve a three-year term starting January 1 next year, succeeding former director Kwak Soo-geun (former Seoul National University professor).

The IFRS Foundation Board oversees the foundation and its subsidiaries, including the International Accounting Standards Board (IASB), the International Sustainability Standards Board (ISSB), and the IFRS Interpretations Committee (IC). The board appoints members of these subsidiaries, approves amendments to the foundation’s articles of association, and approves budgets. The board consists of 22 members, who serve as non-executive honorary directors and meet three times annually.

Additionally, the IFRS Foundation appointed Park Jung-hyuk, accounting expert at Samsung Life Insurance, as a member of the Global Preparers Forum (GPF), an advisory body on accounting standards within the foundation. This is the first time a Korean has been appointed to the GPF.

The GPF is a standing advisory body of the IFRS Foundation that serves as a key channel for collecting opinions from investors and preparers, which the IASB considers important when setting international accounting standards. It is composed of 18 members at the level of accounting executives from global companies, and its discussions are taken into account during the development of international accounting standards.

A financial authority official stated, "Following the consecutive appointment of Korean directors to the IFRS Foundation Board since 2011, and now with the first Korean member entering the GPF, Korea’s influence on the IFRS Foundation is expected to increase further. This will enhance Korea’s international standing regarding accounting and sustainability standards, and through the GPF, it is expected to serve as a channel to directly convey Korea’s interests, especially those of Korean companies, during the development of international accounting standards."

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