Financial regulator seeks support for IASB membership spot

Industry

Published: 15 Apr. 2024, 20:51 Updated: 15 Apr. 2024, 20:55

Financial regulator seeks support for IASB membership spot

Kim So-young, vice chairman of the Financial Services Commission (FSC), and Andreas Barckow, chief of the International Accounting Standard Board, pose for a photo during their meeting at the FSC headquarters in Seoul on April 15, 2024, in this photo provided by the financial regulator. [FSC]

The deputy chief of Korea’s financial regulator on Monday sought the support of Andreas Barckow, chief of the International Accounting Standards Board (IASB), for the country’s efforts to secure a membership spot on the international board.

Kim So-young, vice chairman of the Financial Services Commission (FSC), made the request during a meeting in Seoul. The IASB chief is on a visit to Korea to take part in the International Forum of Accounting Standard Setters, set to be held Wednesday through Friday.

“The two sides exchanged their views on the conditions surrounding the international financial reporting standards (IFRS), including the recent introduction of the IFRS 18, and Vice Chairman Kim So-young asked for the IASB chairman’s support for a South Korean member joining the IASB,” the FSC said in a press release.

“Kim said the country is deeply interested in the selection of an Asian-Oceanian member of the IASB and asked for active support for a South Korean nominee to be selected, considering that South Korea is an exemplary country that fully implements the IFRS and its status in the global market,” it added.

Barckow expressed gratitude for Korea’s interest in the selection process and said he would work to select a member who has the highest expertise and understanding in accounting, according to the FSC.

Yonhap