Financial Supervisory Service to Hold Untact Briefing on Results of Business Report Inspection on the 30th

[Asia Economy Reporter Minji Lee] The Financial Supervisory Service (FSS) announced on the 29th that it will hold a non-face-to-face (untact) public disclosure briefing session at 10 a.m. on the 30th to provide results and guidance on the business report review.

The FSS has held public disclosure briefing sessions every year to inform corporate disclosure officers about the key results of business reports and precautions when preparing them. This time, to prevent the spread of COVID-19, the briefing session will be conducted in an untact manner by producing a video and posting it on the website, as well as distributing related materials in booklet form.

The briefing session will be conducted through posting videos and explanatory materials and distributing booklets. The explanatory materials can be viewed on the FSS website, and the main contents include △ financial matters △ non-financial matters △ regulations and sanctions related to disclosure violations.

Regarding financial matters, explanations will focus on recent revisions to disclosure formats and items that disclosure officers are unfamiliar with in preparation guidelines. Unfamiliar items include disclosures related to discussions between internal audit organizations and auditors, disclosures on revised comparative financial statements, inventory status of KONEX and unlisted companies, and the status of allowance for doubtful accounts. Additionally, recent accounting-related matters such as mutual agreement plans between internal audit organizations and auditors to prevent adverse audit opinions and strengthened accounting violation measures are also included.

For non-financial matters, the briefing provided guidance on key inspection points and best practices focusing on disclosure contents of pharmaceutical and bio companies and the actual use of direct financing funds. Regarding disclosure violations, efforts were made to prevent occurrences such as delayed submission of regular reports by listed companies and false or omitted entries on important matters.

The FSS stated, “Corporations wishing to receive the booklet will be able to access the materials offline as well, as the related booklets will be sent by mail.” They added, “Immediately after posting the materials, we will accept intensive consultations through the Q&A board on the website until the submission deadline of the semi-annual report on the 14th of next month and respond promptly.”

This content was produced with the assistance of AI translation services.