The Financial Supervisory Service has decided to provide guidelines for strengthening and applying annotation disclosures to help virtual asset information users make decisions and reduce difficulties for companies and auditors. It is a measure to support accounting practice.

According to the virtual asset industry on the 15th, the Financial Supervisory Service came up with an accounting support plan based on this after discussing with related organizations and private experts such as the Korea Accounting Standards Agency and the Korea Certified Public Accountants Association.

Specifically, measures such as △ issuance (sale) of virtual assets, mandatory disclosure of notes on information related to holdings and business operators, △ guidance on accounting issues and application of accounting standards △ presentation of audit guidelines will be promoted.

Virtual assets have various accounting issues due to brokerage transactions and the use of new businesses, but business rights laws and accounting and audit guidelines have not been prepared as new fields. The international accounting standards adopted by Korea only have guidelines applied when “holding” virtual assets, but nothing else is set.

As a result, there are problems in the application of accounting standards or audit by officials such as companies surrounding virtual assets, and related information is also insufficient.

An FSS official explained, “There is a growing need for related information to be provided transparently due to a series of incidents such as the controversy over the sale of virtual assets in Korea, the Terra and Luna crisis, and the recent application for FTX bankruptcy.”

“We will strengthen disclosure related to virtual assets and finalize accounting audit guidelines after consulting with the Financial Services Commission and listening to external opinions such as joint seminars,” he said. “We will also distribute best practices for commenting on virtual assets as soon as the revision of the standard is confirmed.”

By fonuder

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