In an effort to enhance credibility and transparency in accounting and corporate environment, the Korean government made an agreement with the IBRD in October 1998, to establish a private-sector accounting standard setting organization.

In order to devise a plan for an efficient and most appropriate organizational structure under Korean climate, the Financial Supervisory Commission (FSC) formed a steering committee including KICPA and other related institutions.

On June 30, 1999, the inaugural meeting of 13 member institutions was held at the KICPA conference hall to officially launch the organization, named as the Korea Accounting Standards Institute (KASI).

In addition to the approval of the articles of incorporation in the meeting, inaugural member institutions appointed the president, board of directors, and a standing board member of the Korea Accounting Standards Board (KASB).

After the approval by the FSC, facility arrangement, and personnel recruiting, the KASI is expected to be fully operational soon.

* Please refer to the attached file for details.