The foundation of KASB & KAI and th

The foundation of KASB & KAI and their convergence efforts
Such criticism had been highlighted with the onset of the financial crisis, and as a means
to overhaul the entire Korean accounting system, the Special Committee on Accounting
System of the Financial Supervisory Commission and the Financial Reform Committee,
which received direct instructions from the President of Korea, advised the establishment
of an independent, private-sector accounting standard-setting organization that would
issue consistent and globally recognized accounting standards free of government
intervention. In carrying out such a revolutionary advise, our reform-minded
professionals of both the public and private sectors at the time had a great wisdom of
seeking not just minor changes to our accounting system so as to overcome the
impending financial crisis but also eventual convergence with the accounting standards
of the international community. And, in doing so, they took special care in benchmarking
a number of leading standard-setting organizations around the world and ultimately
decided to establish our own new, independent, and private-sector standard-setting body
by replicating a successful organizational structure of the IASB and IASC Foundation.
The end result of such nationwide reform efforts was the foundations of the KASB and
KAI in June 1999.