The Korean Institute of Certified Public Accountants said on the 27th that it held a public hearing on enacting the Basic Accounting Act to enhance transparency across society.
The event, held at the National Assembly Members' Office Building on the 26th, was organized by Rep. Park Chan-dae of the National Policy Committee and the Taxes and Finance Forum, and co-hosted by The Korean Institute of Certified Public Accountants and Reps. Kim Nam-hee, Park Min-gyu, Park Ji-hye, Park Hong-bae, Ahn Do-geol and Cha Gyu-geun.
The public hearing was prepared as a forum for public discussion to establish a consistent domestic accounting system. It marks a first step in legislation to integrate accounting standards, auditing, disclosure and supervision into a national standard framework.
Rep. Park Chan-dae of the Democratic Party of Korea, a member of the National Policy Committee, said in opening remarks, "Accounting is the starting point of transparent national governance and responsible administration," adding, "We will pursue effective legislation by reflecting the opinions from the public hearing."
National Assembly Speaker Woo Won-sik, Kim Byung-kee, floor leader of the Democratic Party of Korea, Kim Yun-duk, Minister of Land, Infrastructure and Transport, and Reps. Park Min-gyu, Park Ji-hye and Park Hong-bae sent written congratulatory messages, while Rep. Ahn Do-geol and Vice Chair Kwon Dae-young of the Financial Services Commission (FSC) attended in person.
Choi Un-yeol, president of The Korean Institute of Certified Public Accountants, emphasized in his welcome remarks, "The Basic Accounting Act is not a simple enactment but a task of designing the foundation of Korea's accounting system," adding, "I hope today's discussion becomes a turning point for creating an accounting environment that the public can trust."
Professor Ahn Tae-jun of Hanyang University Law School said in a presentation that "the problem is that the current accounting system is operated differently by institution and ministry," and suggested, "To improve accounting transparency, it is necessary to manage a unified accounting system." He also introduced a structure for the Basic Accounting Act focused on key review items such as the scope of application of the bill and the competent ministry.
In the subsequent panel discussion, Kim Ki-young, professor in the Department of Business Administration at Myongji University, served as moderator, and Kim Mi-ra, Deputy Minister at Korea Compassion, Kim Beom-jun, professor in the Department of Accounting at The Catholic University of Korea, Eom Eun-suk, director at Jeongdong Accounting Corporation, Song Chang-young, managing attorney at Sehan Law Firm, and Ryu Seong-jae, head of the accounting systems team at the Financial Services Commission (FSC), took part as panelists.
The discussion covered a range of views, including ▲ the need to ease administrative burdens in the field ▲ the importance of education to improve accounting literacy ▲ the expertise of the competent ministry, such as accounting supervision capabilities.
The Korean Institute of Certified Public Accountants plans to support legislative deliberations in the National Assembly by reviewing the structure of the bill and gathering stakeholder opinions based on the presentations and discussions from the public hearing.