TechFlow news: The Korea Financial Supervisory Service plans to conduct focused inspections this year on the appropriateness of accounting practices for virtual assets, with key inspection targets including companies issuing virtual assets, holding companies, and exchanges.
They will review accounting issues such as revenue recognition, valuation of non-circulating assets, related-party transactions, and virtual assets. The Financial Supervisory Service emphasized the need to ensure proper accounting practices for virtual assets, requiring issuing companies to thoroughly document relevant information. Target companies will be selected next year for intensive review.
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