The Korean Institute of Certified Public Accountants (KICPA) held a forum for about 100 accounting industry leaders. The gathering was seen as an occasion to share the issues facing the accounting industry and to introduce the direction of second-half accounting policy being pursued by the Financial Services Commission (FSC), ahead of the start of KICPA Chairman Choi Woon-yul's second term.
KICPA said Tuesday that it held the "Accounting Industry Leaders Forum" the previous day at the Koreana Hotel. The event was attended by about 100 figures representing the accounting industry, including Ryu Sung-jae, head of the FSC's accounting system team, as well as heads of accounting firms registered as auditors for a total of 39 listed companies and quality control directors.
The forum was arranged so that Chairman Choi could introduce the future direction of his work ahead of his second term and share the direction of accounting policy being pursued by the FSC. KICPA held a regular general meeting on the 17th of this month, confirming Choi's reappointment. "As I begin my second term, this is an occasion to explain the major issues facing the accounting industry and the direction of future initiatives, and to listen to the valuable opinions of industry leaders," Choi said.
Choi cited improving accounting transparency as one of the major issues. "The accounting transparency ranking announced last week by the International Institute for Management Development (IMD) in Switzerland was 55, up five places compared to last year, but still in the lowest tier among 70 countries," he said. "Considering that the ranking had risen to 37th in 2021 as social perception improved following accounting reform, the result leaves much to be desired in many respects."
KICPA said it would gather the opinions and policy suggestions raised by accounting industry leaders at the forum and actively reflect them in its work for the second half of 2026.
