Kim So-young, Vice Chairman of the Financial Services Commission, Meets with the Chairman of the International Accounting Standards Board

Korea Expresses Interest in Joining Asia-Oceania Committee

Andreas Barckow, Chair of the IASB (International Accounting Standards Board). Photo by Financial Services Commission

Kim So-young, Vice Chairman of the Financial Services Commission, met with Andreas Barckow, Chairman of the IASB (International Accounting Standards Board), on the 15th to request the IASB Chairman's cooperation in advancing Korean candidates to the IASB committee for the Asia-Oceania region.

Vice Chairman Kim So-young held a meeting with Chairman Andreas Barckow at the Government Seoul Office Building that morning. Andreas Barckow, IASB Chairman, visited Korea to attend the International Forum on Accounting Standard-Setting (IFASS), held in Seoul from April 17 to 19.

Both parties exchanged views on recent domestic and international trends related to IFRS accounting standards, including the announcement of IFRS 18. Vice Chairman Kim expressed deep gratitude to Chairman Andreas Barckow and the IASB members for their efforts in finalizing the IFRS 18 standard, which was officially announced on April 9. She conveyed that Korea plans to fully adopt IFRS 18 in principle, while considering consistency with the current situation where operating profit and loss have already been reported.

In response, Chairman Andreas Barckow stated that IFRS 18 represents the most significant change in the presentation of corporate financial performance since the adoption of IFRS accounting standards. He also said that IFRS 18 will provide investors with consistent criteria for better information and analysis of corporate financial performance.

Vice Chairman Kim So-young also expressed strong interest in the selection of IASB members from the Asia-Oceania region. Considering Korea as a model country that has fully adopted IFRS and its status in the global economy, she requested active attention and support to ensure that Korean candidates can be selected for the upcoming IASB membership.

Chairman Barckow expressed gratitude for Vice Chairman Kim's interest in the IASB member selection. He also stated that capable candidates with expertise in accounting standards and a high understanding of standard-setting work will be selected as IASB members.

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