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FASB and KASB hold joint meeting

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Oct 31, 2014

Representatives of the FASB and the Korea Accounting Standards Board (KASB) held a meeting on October 16, 2014, in Seoul, Korea. The participants of the meeting discussed issues relating to the recent activities and key projects of the two boards.

In particular, the KASB presented issues relating to the equity method, linked presentation, and rate regulated activities on two of these matters the KASB has recently published research reports.

In connection with the equity method, the KASB discussed the problems of the current IFRS on the equity method and the possible alternatives proposed by the KASB. Regarding rate regulated activities, the KASB explained the current status of the rate regulated industry and related issues as explained in the research report published yesterday.

The two boards agreed to continue their bilateral cooperation into the future. Please click for the press release published on the KASB's Web site.

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