The Korea Accounting Institute (KAI) has appointed Jee In Jang as the chair and chief executive officer of the Korea Accounting Standards Board (KASB), effective 1 March.
Jang, a former KAI president, is currently a professor at the business school of Chung-Ang University and is the chair of the Accounting Credibility Enhancement Committee of the Korean Institute of Certified Public Accountants.
Jang will be assisted by Sungsoo Kwon who was appointed as vice-chair of KASB. Previously Kwon was senior director of KASB.
Jang and Kwon will take over current chair Suk-Sig Lim and vice-chair Chanhong Kim.
Under Jang’s leadership the KASB will focus on the implementation of the IFRS in Korea, the standard setter said in a statement.
IFRS is a requirement for all listed companies in the Korea Exchange (KRX) as well as for financial institutions- even if they are not listed- including banks, insurance companies, investment brokers or credit card companies among others.
Besides of its domestic standard-setting role for unlisted companies, the KASB eases the Korean government’s endorsement of IFRS.
So far, all IFRS as issued by the International Accounting Standards Board have been endorsed without carve-outs or modifications, adopting the denomination of K-IFRS.
Foreign KRX-listed companies can, however, choose between IFRS, K-IFRS and US GAAP.