KFAS

AcronymDefinition
KFASKuwait Foundation for the Advancement of Science
KFASKorea Foundation for Advanced Studies
References in periodicals archive ?
A major initiative that Equate took part in recently was the KFAS Innovation Challenge Program, the first of its kind in Kuwait and the region.
KFAS prizes are designed to recognize intellectual achievements that serve the interest of scientific advancement and support efforts to raise the standard of culture in various fields.
The accounting standards for derivatives in Korea are stated in KFAS Article 70, AS for banking industry, and AS for security industry KFAS are primary accounting standards that apply to all enterprises, while AS are supplementary standards for a specific industry or a special type transactions.
Relevant codes in IAS, SFAS, & KFAS apply to all enterprises.
Contrary to IAS and SFAS, KFAS do not have a definition of derivatives
On the other hand, SFAS and KFAS do not address trade date vs.
IAS, SFAS, and KFAS require that all derivative assets and derivative liabilities should be measured at the fair value, but they do have different exceptions for this principle.
According to IAS, SFAS, and KFAS, an entity should recognize write-down against net profit or loss for impairment or uncollectibility if the recoverable amount of the derivative is less than the carrying amount.
Contrary to IAS & SFAS, there are no standards for hedging accounting in KFAS.
As discussed in previous sections, current KFAS may be neither comprehensive nor specific enough to capture current practices of derivatives in Korea, possibly due to rapid growth of Korean derivative market since the year 2000.
Selection among standards for asset, marketable securities, investment in securities, and derivatives is difficult under current KFAS without definition of derivatives.