<p>The Korea Accounting Institute (KAI) announced today that it held a bilateral meeting yesterday with the Japanese Financial Accounting Standards Foundation (FASF) to discuss devising accounting standards for virtual assets. Among the attendees were high-level officials of the FASF, including Yasunobu Kawanishi, Chair of the Accounting Standards Board of Japan.</p><h2 id="header-0">Consensus on establishing standards</h2><p>Both parties agreed on the importance of establishing accounting standards for virtual assets. These standards should be practical and easy to follow, ensuring that they offer sufficient information to readers of financial statements.</p><h2 id="header-1">Reciprocal sharing of progress</h2><p>KAI is in the process of revising the Korean version of the International Financial Reporting Standards (K-IFRS) to require companies to disclose information related to virtual assets within the annotations of their financial statements. This mandatory disclosure of virtual asset-related details was <a href="https://medium.com/&#64;coinness.gl/korean-financial-regulator-reveals-crypto-accounting-guidelines-to-prevent-inflated-company-351e6cd4f6b" rel="noopener noreferrer nofollow">announced</a> by the Korean Financial Services Commission last month, with implementation scheduled for January of next year. This significant update was a topic of discussion in the meeting. Similarly, the FASF reciprocated by sharing its own progress and advancements.</p><p>This meeting was arranged in light of the deepening relations between the two nations. The close collaboration between the two groups is poised to give Korea momentum to broaden its global presence. Moving forward, the accounting bodies of both countries are committed to continuing their cooperative efforts.</p>

Korea and Japan Collaborate to Develop Accounting Standards for Virtual Assets

Table of Contents

CoinNess Global

Other articles published on Aug 17, 2023

FTX seeks $175M settlement with Genesis entities to resolve dispute

Open Campus, TinyTap, Code Green Join Forces to Fight Climate Change Through Innovative Education...

Binance v. SEC Protective Order Motion Set for New Venue

DeFiance Capital Secures Interim Victory in Dispute With 3AC

Resilient Stablecoin Market Bounces Back Just 72 Hours Following $800K Breach

Backlash Grows as UK’s Digital Pound Sparks Public Outcry

Join our free newsletter for daily crypto updates!