Korean Accounting Standards Board Holds Bilateral Talks with US Accounting Standards Setting Body

Photo by Korea Accounting Standards Board

The Korea Accounting Standards Board announced on the 19th that it held a bilateral meeting by specially inviting senior officials, including the chairman of the US Financial Accounting Standards Board.

At the meeting held that day, they shared the current status of enactments and amendments in each country and key points of ongoing projects, and discussed virtual asset disclosures and post-implementation reviews of revenue standards.

They compared the Korean Adoption of International Financial Reporting Standards (K-IFRS) amendment, which adds note disclosures of key information on virtual assets, with the US Generally Accepted Accounting Principles (GAAP) amendment, exchanging views on the definition and scope of disclosure targets for virtual assets, fair value measurement of virtual assets, and the effects on profit and loss.

They also shared issues identified related to licensing, principal versus agent judgments, and identification of performance obligations, based on the progress of the ongoing IFRS 15 'Revenue from Contracts with Customers' post-implementation review in Korea and the results of external opinion inquiries.

The Korea Accounting Standards Board and the US Financial Accounting Standards Board plan to continue their cooperation through bilateral meetings in the future.

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