Soyangho, a stock manager at the Royal Bank of Canada, has been appointed as a Commissioner of the Capital Markets Advisory Committee (CMAC) within the International Financial Reporting Standards (IFRS) Foundation. Following Lee Han-sang's appointment as a Commissioner for the Public Interest Oversight Board (PIOB), two domestic figures have entered international organizations in the accounting field this year, bringing the total number of Koreans in international accounting organizations to 10.
The Financial Services Commission announced on the 24th that it held a meeting in Gwanghwamun, Seoul, hosted by Yi Yoon-soo, the permanent commissioner of the Securities and Futures Commission, with individuals from our country who are active in international accounting organizations. Attendees included Professor Baek Tae-young from Sungkyunkwan University, Kim Yong-beom, Head of Finance at KT&G, Director Lee Han-sang, Vice President Lee Bang-sil from SK hynix, Permanent Commissioner Lee Soo-mi, Permanent Commissioner Lee Woong-hee, Director Kim Jae-ho from the Accounting Standards Board, and Researcher Lee Sang-ho from the Capital Markets Institute.
Participants in the meeting reviewed the main amendments to the accounting standards currently under revision following the publication of a public exposure draft by the International Accounting Standards Board (IASB) in 2024 and discussed the impact on the domestic capital market and stakeholder opinions.
Participants noted that since this standard poses concerns about increasing the audit and disclosure burdens on corporations due to measurement difficulties, it should provide specific standards, a variety of examples, and sufficient preparation time. There was also discussion on the need for active communication with the international community regarding appropriate disclosure levels of commercially sensitive information.
Additionally, the participants agreed to formalize meetings to enhance communication among domestic figures active in international accounting organizations and to actively convey the voices of our capital market regarding key issues such as accounting standards and sustainability disclosure standards to the respective international organizations.
Meanwhile, the Financial Services Commission announced that from the 1st of this month, Soyangho, a stock manager at the Royal Bank of Canada, has been the first among our country's figures to be appointed as a Commissioner of the CMAC within the IFRS Foundation. The CMAC is a permanent advisory body within the IFRS Foundation that conveys and reflects the opinions of financial information users in the process of formulating and amending accounting standards by the IASB.
Earlier, Director Lee Han-sang was also newly appointed as a Commissioner for the PIOB on the 19th of last month and began activities from this year. The PIOB supervises the International Ethics Standards Board for Accountants (IESBA), which establishes international ethical standards for certified public accountants, as well as the International Auditing and Assurance Standards Board (IAASB), which determines auditing standards and sustainability certification standards. This is the first time a domestic figure has entered the PIOB.
The Financial Services Commission noted that the continued entry of domestic figures into international accounting organizations in the accounting field is a result of Korea's active participation in international accounting discussions and the building of its reputation. A Financial Services Commission official stated, 'This will allow us to effectively convey the opinions of our corporations and capital market in the discussions on major agendas such as the formulation and amendment of IFRS.'