According to TechFlow, the Financial Supervisory Service of South Korea plans to conduct a concentrated inspection on the appropriateness of accounting treatment of virtual assets this year, with a focus on companies, holding companies and exchanges that issue virtual assets.
They will review accounting issues such as revenue recognition, valuation of non-circulating assets, related-party transactions and virtual assets. The Financial Supervisory Service stressed the need to ensure that accounting practices for virtual assets are correct and that issuing companies must record relevant information in detail. Target companies will be selected for centralized review next year.
