The Financial Supervisory Service of South Korea plans to establish accounting standards related to virtual assets, which may be implemented through enhanced disclosure

According to Chain Catcher news, South Korean media News1 reported that the head of the Financial Supervisory Service, Lee Bok-hyun, stated that in order to eliminate the accounting treatment uncertainties arising from the interpretation and application of International Financial Reporting Standards (IFRS), there are plans to establish accounting standards related to virtual assets, pharmaceuticals, and biotechnology. Discussions on accounting standards related to virtual assets are currently underway, and they are being listed in the notes to financial statements, or may be conducted through enhanced disclosures.

In addition, Director Lee stated: "If specific companies hold virtual assets, it is allowed to record them in the notes or disclose them as other public matters, which is the current policy direction."

It is reported that the Financial Supervisory Service of Korea previously discussed accounting regulation issues related to virtual assets with the Korean Accounting Standards Board and others on July 28. (source link)