South Korean Accounting Standards Board
The South Korean Accounting Standards Board (KASB) is the primary government-authorized body that sets and maintains accounting standards in South Korea. The KASB was established in 2007 in order to promote high-quality financial accounting within the Korean business and investment community. It is responsible for issuing and maintaining the Korean Generally Accepted Accounting Principles (K-GAAP), which are the fundamentals for financial reporting in South Korea.
The KASB is overseen by both the Financial Services Commission and the Financial Supervisory Service. The Board is composed of 23 Members including the Chairman, 18 members from public sectors, and 4 members from private sectors. The Board also has a team of technical experts and researchers that conduct research on best practices in Korean accounting and assist with the development of new accounting standards.
Korean accounting standards are based on the international standards generally accepted by the International Accounting Standards Board (IASB). The KASB modifies these international standards to account for the different business environment, accounting practices, and business entities in South Korea. As such, the KASB is responsible for the development of all financial reporting regulations, rules, and interpretations.
The KASB is also responsible for overseeing the compilation and issuing of financial statements by companies registered in South Korea. The Board reviews financial statements and audits documents to ensure that companies in South Korea are following the required financial regulations. The KASB may also conduct investigations, if necessary, in order to ensure full compliance.
In addition to setting and maintaining accounting standards in South Korea, the KASB regularly organizes workshops, seminars, and other trainings to ensure that the public and professionals are adequately informed of the latest developments in the area of accounting. The Board also works with the government and other regulatory bodies to promote the continuous refinement of accounting standards in the country.
The KASB provides assistance to those who need help understanding and complying with the Korean regulations concerning financial reporting. The Board also promotes transparency and good corporate governance by monitoring the activities of companies and by providing guidelines for achieving good financial practices.
The KASB is committed to ensuring that financial reporting standards in South Korea meet global standards, while also accounting for the local environment. The Board is committed to using its resources to ensure high quality financial reporting that promotes the best use of capital, efficient operation of markets, and economic development in South Korea.
