Professor Chung-woo Suh of the College of Business Administration has been selected by the International Accounting Standards Board to be its board member on March 19, 2012.

The IASB is an organization of 130 countries around the world including Korea, which is responsible for developing International Financial Reporting Standards (IFRS). The IASB has 15 board members from major countries such as the U.S., China, Japan, etc. This is the first time that a Korean has been selected as the organization's board member. His selection made Korea become the 13th country entering the IASB.

It is believed that with Professor Suh's involvement in the board, the opinion of Korea will be clearly reflected at the standardization and cancelation of IFRS, which has a direct impact on Korean industries. Professor Suh's five-year term will start from July 1.

It is believed that Korea will have a significant impact thanks to this direct involvement in the activities of standardization and customization of IFRS.

* IASB : http://www.ifrs.org/Alerts/PressRelease/Chungwoo+Suh+March+2012.htm