S. Korean named new member of IFRS interpretation committee

A South Korean has been named a committee member of the International Financial Reporting Standards (IFRS) Foundation, the financial regulator said Wednesday. Kim Yong-beom, director of the finance office at the country's largest tobacco company, KT and G Corp., has been appointed a new member of the IFRS Interpretation Committee, according to the Financial Services Commission (FSC). "The appointment is the result of a global recognition of South Korea's contribution to the IFRS Foundation through its active participation in IFRS activities," the FSC said in a press release. The IFRS is a non-profit organization that develops globally accepted accounting and sustainability disclosure standards. South Korea implemented IFRS accounting standards in 2011, according to the FSC. Source: Yonhap News Agency