According to the Korean media News1, Lee Bok-hyun, director of the Korean Financial Supervisory Service, stated that in order to eliminate the uncertainty of accounting treatment in the interpretation and application of the International Financial Reporting Standards (IFRS), it is planned to formulate accounting standards related to virtual assets, pharmaceuticals, and biology. Accounting standards related to virtual assets are being discussed, and are currently being listed in the notes to the financial statements, or will be conducted in a way of enhanced disclosure. In addition, Dean Li said, "If a specific company holds virtual assets, it is allowed to be recorded in the notes or publicized as other publicity matters. This is the current policy direction." Foresight News previously reported that the Korean Monetary Authority discussed with the Korean Accounting Standards Institute on July 28 the accounting supervision issues related to virtual assets.